At a News Corp. shareholders meeting Friday, Rupert Murdoch went further towards confirming what he’s already suggested about where he wants to take The Wall Street Journal when he assumes control of Dow Jones later this year. According to USA Today, Mr. Murdoch said he will "beef up The Wall Street Journal‘s coverage of national, international and cultural affairs to make it more appealing to general audiences." In other words, as The Observer spelled out last week, he’s heading straight for The New York Times.
Some other interesting comments made by Mr. Murdoch at the meeting–in which shareholders voted overwhelmingly to maintain the company’s two-tier stock structure, which gives Mr. Murdoch 39 percent of the company votes, although his family owns only 15 percent of the equity:
- He continues to mull eliminating WSJ.com’s paywall.
- The newly launched Fox Business Network will likely lose $70 million this year. Its growth must be measured in "years not months."
- "We expect increasing participation" by Journal reporters on FBN.
- He isn’t interested in buying Facebook.