News Corp.'s deal puts pressure on New York Times
NEW YORK (MarketWatch) -- News Corp.'s agreement to acquire Dow Jones & Co., which publishes The Wall Street Journal, is putting the New York Times on the defensive.In other words, a new sheriff is in town to provide some competition. So now the New York Times may have to stop fronting for the Democratic Party and actually start covering the news or suffer the consequences.
The Times already has a set of financial and journalistic challenges. I wouldn't be surprised if many of its future decisions will be judged as a response to the Dow Jones deal.
This means the Times now has to deal with a determined global competitor with deep pockets. News Corp. Chief Executive Rupert Murdoch has spoken about his interest in increasing the Journal's clout outside the United States. The Times has regarded international coverage as its "franchise."
The market has already reacted to this over the past few days and the stock has dropped a bit to the $23 to $22 per share range. The video clip with the article is also worth a watch.
I'm crying my eyes out.
No comments:
Post a Comment