Not So Fast,
'Doch-

This One's Got My
Name All Over It

May 14, 2007

 

Dear Rupert,
I understand that you recently tendered an unsolicited bid to the Bancroft family of $5 billion for their controlling share of Dow Jones stock and, thusly, its newspaper The Wall Street Journal, to enhance a new Fox financial news network you're launching.
I wouldn’t hold your breath- it’s not going to happen.
Put simply, Rupert, the Bancrofts aren’t that stupid.
The Bancroft family and its holdings, The Dow Jones’ The Wall Street Journal, are national institutions, and not for sale to some opportunistic foreign investor with neo-conservative agenda and track record for sensationalized propaganda in place of real journalism.
That’s why the employee union of The Wall Street Journal wrote an official letter of condemnation of any sale to Rupert Murdock.
They’ve seen your willingness to twist the public’s perception of reality with Fox News and other media outlets to serve your own political purposes.
Now you have the audacity to ask us to trust you with the Dow Jones, and all the influence it has on the American stock market?
Are you fucking kidding?
No one wants your poison, Rupy.
You can promise an independent editorial board and give the Bancrofts a seat on the board, but they ain’t buyin’ what your sellin’.  (Incidentally, the Bancrofts are a big family, and they’re all stockholders, so what were they supposed to do about the board seat? Flip for it?)
I, on the other hand, am a bastion of journalistic integrity.
Sure, at times, I’ve been accused of biased judgment to promote my own business interests, but who hasn’t?
And maybe I don’t own as many newspapers or TV stations as you, but that doesn’t matter.
They’re going to sell The Dow Jones to me and not you or NBC/Universal for the following reasons:
I was a great reporter BEFORE I was a great businessman.
Unlike you, Rupy, I don’t have contempt for journalism.
Or is it that you mock what you know you could never do?
Do you have Pulitzer Envy?
I was BORN in America, unlike you.
In fact, I am very much the physical embodiment of the American Dream.
I was born to a working-class family on the outskirts of St. Louis, put myself through school and made a name for myself reporting in Chicago and Washington before turning to business, where I made my fortune.
Speaking of my fortune, IJI stock, and stocks of all its subsidiaries, has been on the rise lately, and my worth is greater than ever.
With the help of foreign investors, the Jones Media Group is officially making the Bancroft family an offer of $6.5 billion for The Dow Jones.
This way they can make their money and not feel dirty in the morning.
Sorry, Rupert, but business is war.
And you’re going to lose this one.
Sincerely,
P.F.