So Murdoch wanted to possess the Wall Street Journal? I can give you one reason why - and it ain't for the profitability of the paper.
If he owned the Wall Street Journal, he'd be able to stifle reporting that doesn't "Catapult the Propaganda" of Bush & Co. (his people).
An example of the kind of reporting that Rupert Murdoch probably loathes follows. It was on Page 1 of today's Journal:
"...In spring 2006 Tarmiyah, on the surface at least, was a much more peaceful place. U.S. and Iraqi troops surrounded the city with razor wire, set up the patrol base in the city, and began a $16 million campaign to rebuild the city's schools, clinics and sewer system. Soldiers often referred to the city, located 30 miles north of Baghdad, as the "petting zoo," a nod to the number of top generals who came to see what U.S. commanders considered a success story.
Last summer Tarmiyah began to fall apart. A battalion of about 300 to 400 Iraqi army soldiers that had been based in the city was transferred to Baghdad to support the new U.S.-Iraqi effort to stabilize the capital. At the same time, some 6,000 to 10,000 angry Sunnis, driven from their homes in Baghdad by Shiite militia forces, began streaming into this largely Sunni city. Sunni insurgents, affiliated with al Qaeda in Iraq, joined them.
In mid-February a massive truck bomb sheared off the front of the soldiers' base in Tarmiyah, sending concrete and glass flying through the air like daggers. The soldiers at the small outpost spent the next four hours fighting for their lives against a force of 70 to 80 insurgents. "
The article also mentions the fact that the 150-man Iraqi police force walked out one day and simply never came back.
Here is the link to the rest of the article (you may need a subscription to see it all):
http://online.wsj.com/article/SB117813340417889827.html?mod=todays_us_page_one