Tuesday, March 25, 2008

WSJ scooped on Bear Stearns buyout

Slate's Jack Shafer reports:

Rupert Murdoch has promised that his Wall Street Journal will be a tidier, briefer, and more general read, one that concentrates on breaking news. And in the opening weeks of his ownership, the newspaper has largely conformed to that vision, as I commented in January. But in broadening the Journal, is Murdoch taking the newspaper's eye off the franchise, namely business news? This morning's (March 24) New York Times scoops the Journal with an Andrew Ross Sorkin Page One piece about JPMorgan negotiating to quintuple its offer for Bear Stearns. Murdoch can't be happy about getting trounced on the month's biggest business story. By softening the Journal's editorial focus, isn't he making this sort of humiliation inevitable? Imagine being the editor on the receiving end of a phone call from the rotten old bastard, demanding to know why his paper got creamed on a beat that it is supposed to own. …

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