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Media powerhouse Rupert Murdoch, who is in the process of buying the Pulitzer-winning Wall Street Journal, has “a lot of plans and a lot of ideas” that he believes will help the paper beat out mainstream media competitors, according to The Guardian.
The 76-year-old head of News Corporation also said that he would like to increase the newspaper’s coverage of cultural issues, in order to take advantage of the advertising opportunities available from the likes of movie studios.
“I want to add major coverage of the arts, fashion and culture,” he added. When asked whether he was aiming to kill the New York Times, Mr Murdoch replied simply: “That would be nice.”
[Continue reading Murdoch’s Plans]
Murdoch’s decision to purchase the Journal has created a good deal of consternation in media circles, as well as among left-wing partisan groups such as MoveOn.org. The main complaints revolve around charges that Murdoch represents, in the words of Robin Sloan, “nakedly political and profit-driven news media.”
Other media watchers, such as Rick Edmonds, believe that “the sky won’t actually fall” when Murdoch takes over the Journal. Edmonds asserts that Murdoch will be more likely to innovate than to interfere.
Dow Jones agreed to the Murdoch takeover in August. The deal becomes finalized in December. So, 2008 should be an interesting year to watch at the Journal.