Now that Rupert Murdoch seems poised to take ownership of the company which controls the Wall Street Journal, there is just one thing that stands between the global media mogul's business interests and the Journal's reputation for editorial independence.
It's the brand, stupid.
That's because Murdoch's $5-billion offer for Dow Jones includes buying the heftiest name in financial journalism. And the wily mogul knows the world will be watching to see if he turns the Journal into a shill for his business interests.
I know some have predicted much worse for the Journal, and I don't blame them. Murdoch has a long history of manipulating the content of even his most prestigious outlets to serve his fiscal imperatives.
But despite some efforts made by the family which controls Dow Jones stock to preserve the journal's independence, the fact is, Murdoch's respect for the newspaper's brand is the only thing which may keep him from messing with the journalism too overtly. I wouldn't place bets on seeing any more aggressive Journal reporting from China, but that may the smallest price to pay for a deal with a media devil necessitated because the newspaper never lived up to its potential.
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The Feed is a blog on TV, media and modern life by St. Petersburg Times TV/media critic Eric Deggans. Possibly the most critical guy at the Times, he has served as music, media and TV critic at various times over 10 years.
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