Get Ready For Murdoch Derangement Syndrome

Formal announcement still to come, but expect an avalanche of hysteria from the left to commence any moment now.

How dare the owner of the evil Faux News expand his empire!

Rupert Murdoch has succeeded with his $5 billion bid for Dow Jones, owners of the Wall Street Journal, according to sources acting for the Dow Jones board. Negotiations have been completed and the board is confident the terms of the deal will be accepted by the Bancroft family, which controls a majority of voting shares in Dow Jones, over the next few days. A formal announcement is expected next week.

Murdoch’s News Corporation will take over America’s most prestigious financial publisher at the price he originally offered on April 17, when he proposed $60 a share when the stock was trading at $36, a 67% premium.

After lengthy talks involving many lawyers, the deal includes a legally-enforceable agreement with Murdoch which will supposedly guarantee the integrity and independence of the Wall Street Journal’s journalism.

As long as James Taranto is still at Opinion Journal, I really could care less what the leftes on the editorial side of the WSJ think. If they hate Murdoch so much, resign and go elsewhere.

UPDATE: Dow Jones says not so fast.

NEW YORK -(Dow Jones)- Dow Jones & Co. (DJ) denied a press report Friday that said Rupert Murdoch has agreed with the Dow Jones board to terms of a $5 billion bid for the company.

A spokeswoman for Dow Jones said the report from The Business was "false." She said there has been "no change" in ongoing negotiations on the takeover offer from News Corp. (NWS). "The only agreement is on editorial independence," said the spokeswoman, Andrea Grinbaum.