Meet the new owner of the Wall Street Journal! (Horrific image alert!)

[hatrack]

It's the dude on the right, in case you were wondering . . .

[Hersheygirl]

1. Please, I'm getting ready to eat.

[Le Taz Hot]

2. The deal went through?

Last night I hear the opposite on "the news."

[Karenina]

3. They LIED. Again.

The Bancrofts SOLD. They get the $$$, we get... OH, NEVER MIND.

[Le Taz Hot]

4. You mean the MSM

lied to me? I'm shocked. Shocked, I tell you!

[Karenina]

8. That's M$M to you, LTH!!!

:evilgrin:

[question everything]

9. Almost, not yet there

The Wall Street Journal

July 31, 2007 4:58 p.m. EDT

News Corp. Appears to Have Enough Votes to Clinch Deal
By MARTIN PEERS and DENNIS BERMAN
July 31, 2007 4:58 p.m.

News Corp. is poised to win control of Dow Jones & Co., including its flagship publication, The Wall Street Journal, after a key Bancroft trust changed its mind and decided to accept News Corp.'s $60-a-share offer for the newspaper publisher. The trust, overseen by a Denver law firm, holds 9.1% of Dow Jones's voting shares and had been holding out for a higher offer from News Corp.

But the media giant refused to raise its price, which was already a 67% premium to where Dow Jones stock was trading before news of the offer became public on May 1. News Corp. had signaled its intention to abandon the offer if the family didn't support the offer. That put pressure on the Denver trust to back down.

Helping persuade the Denver trust to change its mind was a decision by Dow Jones's board to create a fund to cover payments to firms advising Bancroft family members, including Merrill Lynch and the law firms Hemenway & Barnes and Wachtell, Lipton, Rosen & Katz. News Corp. would assume these liabilities if it bought Dow Jones. The fees could total at least $30 million, according to people familiar with the situation.

It is not clear whether the Denver trust will vote its entire 9.1% stake in favor of the deal, however, as its beneficiaries include Christopher Bancroft who is strongly opposed to the deal. But the trust's decision likely increases to at least 38% the amount of voting stock held by the Bancroft family that now supports the News Corp. offer. When added to the nearly 29% stock held by public shareholders, who are expected to vote for the deal in overwhelming numbers, News Corp. should have enough to comfortably win a majority of Dow Jones shares when the deal is put to a vote.

The Bancrofts have 64.2% of the overall votes in Dow Jones.

(snip)

URL for this article:
http://online.wsj.com/article/SB118589043953483378.html

=======

I just went through 13 pages of comments and was at least happy to read all the comments saying they will cancel their subscriptions, that while they usually do not agree with the editorial pages, they have been loyal readers of the news section, but will not get into bed with Murdoch, Orally and Geraldo.

[radfringe]

5. does that mean we now call it the FAUX JOURNAL

news fit to line kitty litter boxes

[B Calm]

6. If this is true, it's a sad day for America!

[SoCalDem]

7. the irony is that even if they lose tons of subscritions and advertising, it won;t matter

propaganda is not expected to make money.. Murdoch just gobbled up some competition.. He;ll change it to his liking, and if it loses money..no biggie..

Look at the Washington Times.. never made a penny.. always lost millions, but Moon doesn;t care.. It's a venue to push republican propaganda and the WH talking points..

[frogcycle]

10. just a step in our species evolution to...

Eloi: Morlock:

[Cruzan]

11. Bad acid flashback

I can see the wall melting.

[Atman]

12. The Wall Street Urinal

Although the deal appears to be in trouble. Family infighting. Not closed yet.

.

[JacquesMolay]

13. So it's changing hands from one group of right-wing nut jobs ...

... to another? Big deal. So to speak.

[shain from kane]

14. Dorian Gray?

[KoKo]

15. Murdoch! the man who along with Richard Mellon-Scaife helped Impeach Clinton! But Hillary loves him

and obviously they've made Peace with each other. "Peace to Power" instead of "Truth to Power" seems to be what the Hillary Wing of the Party is looking for. :-( It makes me very sad that it's come to this...