By Brigitte L. Nacos
According to their own press release, members of the
Bancroft family have agreed to meet with Rupert Murdoch early next week to talk
about his offer to buy Dow Jones & Company, which the family controls. What
Murdoch really wants, is the Wall Street Journal. As Joe
Nocera puts it, “he’s wanted it forever.” Financially speaking, the owners
of Dow Jones should be delighted. The company’s prospects are far from rosy.
According to the New
York Times, since Murdoch made his take-over offer, “family members heard a
consistent message from their bankers and from Dow Jones officials: On its own,
Dow Jones had middling long-term prospects, at best, and had little chance of
getting the stock price anywhere near the $60 Mr. Murdoch offered.” Indeed,
after Murdoch made his bid, Dow Jones stock price shot up from the mid-$30s to
over $61 at the closing bell on Friday. So, why is there hesitation on the part
of at least a number of Bancroft family members to sell to Murdoch and a great
deal of regret and sadness on the part of many Journal staffers who, in
Nocera’s words feel “that a glorious era of journalism is coming to an end?” Certain
members of the Bancroft family and the Journal newsroom are convinced that
Murdoch plans to remake the Wall Street Journal in his image of a successful
newspaper. He has already expressed his dislike for the Journal’s long stories
that are at the core of the paper’s excellent news reporting. I am not
surprised to
read that the staunch conservatives that put their imprint on the editorial
page, are, without saying so, in favor Murdoch’s take-over. They share
Murdoch’s staunch pro-business bias and would not mind, if he would reel in their
politically less conservative colleagues on the news side. If Murdoch prevails
and becomes owner of the Wall Street Journal, as many observers believe, it
will be another victory for those who control the domestic and global media
monopoly as would be Canadian publisher Thomson’s acquisition of Reuters.
More than a decade ago, Ben Bagdikian warned in his book The Media Monopoly,
“Today, the chief executive officers of the twenty-three
corporations that control most of what Americans read and see can fit into an
ordinary living room. Almost without exception they are economic conservatives.
They can, if they wish, use control of their newspapers, broadcast stations,
magazines, books, and movies to promote their own corporate values to the
exclusion of others. When their corporate interests are at stake—in taxes,
regulation, and possible action—they use that power, in their selection of news…”
Since then, there have been more mergers and takeovers. With each new takeover of a major news company, such as Reuters or Dow Jones, the circle of people in control of the media monopoly shrinks and their power and influence increase. Central to the idea of press freedom was at the outset the concept of the free marketplace of ideas with many media outlets, many owners, many different viewpoints and biases. But press freedom in the era of domestic and global media monopolies is for those few who control the media—and nobody more than Rupert Murdoch with his News Corporation, even without the possible (or likely?) acquisition of the Wall Street Journal.
In its Statement of Principles, the American Society of Newspaper Editors (ASNE) provides news professionals with sound guidelines. Article I states, that the “American press was made free not just to inform or just to serve as a forum for debate but also to bring an independent scrutiny to bear on the forces of power in the society, including the conduct of official power at all levels of government.” To be sure, these societal forces of power include also businesses—including media companies. But how would editors, producers, and reporters dare to scrutinize the forces of power against the will of bosses like Murdoch and their hand-picked stand-ins?
ASNE’s Principles state, “Freedom of the press belongs to the people.” They urge journalists that they “must be vigilant against all who would exploit the press for selfish purposes.” But that is easier said in theoretical terms than actually done in the newsroom.
To be sure, many millions of individuals around the globe use the Internet to communicate their views and opinions. Unlike establishing a mainstream media outlet, blogging on the Internet is inexpensive. In other words, this new medium has created a new and global marketplace of ideas. Yet, the by far best financed and most visited sites belong to mainstream media organizations that thereby dominate the cyberspace of ideas as well.
As for the fate of the Wall Street Journal, it seems that the Bancroft family searches for ways to sell the poorly performing Dow Jones & Company but protect the editorial independence of the newspaper. Even if the family succeeds in this, it will not work for long. Why would Murdoch acquire an influential newspaper without the prospect of influencing its content as he has done with his other media properties?
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