Murdoch's Dow Jones bid opposed by Democrats

[cal04]

As the board of Dow Jones met yesterday to consider a $5bn (£2.5bn) takeover offer from Rupert Murdoch, there were signs of a backlash in political circles at the prospect of the Australian-born billionaire controlling America's leading business journal.

Mr Murdoch's $60-a-share bid for the Wall Street Journal's parent company is part of a strategy by the News Corporation chief to gain a franchise in financial news of the kind he previously built in covering sports. He faces an uphill struggle: Dow Jones's controlling Bancroft family has rejected Mr Murdoch's approach and political analysts warned that Democrats in Congress were likely to make the chances of success as difficult as possible.

Morris Reid, a leading Democrat strategist who served in the Clinton administration, said the majority party in Congress was likely to do everything it could to slow a potential deal, including holding hearings on Capitol Hill, putting pressure on regulators for an investigation and shopping around friendly billionaires for a rival purchaser. "The Wall Street Journal is the economic journal of record in the United States," said Mr Reid. "When you have someone like Rupert Murdoch, who has a track record of right-wing conservative journalism, I'm not sure that's in the Democrats' best interests."

Dow Jones's share price slipped 1.3% to $55.47 in early trading on the New York stock exchange as the likelihood of a quick deal receded. Dow Jones directors met advisers yesterday from the investment bank Goldman Sachs, while it emerged that the Bancroft family had retained Merrill Lynch.

http://www.guardian.co.uk/frontpage/story/0,,2071228,00.html

[Atman]

1. Why even bother calling this a country anymore?

Why not just admit we're becoming the strip mall for the rest of the world? The crummy group of shops on the outskirts of town filled with Dollar-ramas and thrift shops? We're nothing but a profit center for everyone else in the world, and American citizens have become the blue-apron-wearing minimum wage clerks asking "would like fries with that?" All we need is a big clown-face speaker and menu board at the borders.

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[MannyGoldstein]

2. The Sir Rupert / Mrs. Clinton Connection is Now Clearer

She'll get 'er done.