To: Rupert Murdoch, chairman and chief executive of News Corp.
From: Jack Flack
Re: Dow Jones

No, you are not in need of rescuing.   But your reputation as a businessman is riding on how you handle your new purchase, and any conscientious flack would have to worry about how this story will play out for you.  

Based on the premium you paid, I assume you're betting that you can beat the commoditizing nature of the digital future by assembling a truly global business-news machine with overwhelming scale advantages and brands too powerful and pervasive to be ignored.  That strategy makes more sense than any other I've heard, and so here's my advice.

1. Send big signals early.
Do the symbolic things that convert skepticism into intrigue.

• Bust the frame.

Don't tip your hand by presenting a grand plan. But do speak simple, consistent, memorable words that will banish the common presumptions that the best route to profitability is through cuts. You should get tired of hearing yourself repeating, "We have a unique opportunity, and we will capitalize by building, not cutting."

•  Keep courting the staffers.

Your visit the other day was important.  But keep making it clear that you intend to make the Wall Street Journal the single best place in the world for serious journalists to work. If the union contract is still not resolved, announce key concessions on benefits the day the deal closes, saying that journalism's top people deserve journalism's top health care. Focus on rewarding the internal talent, and save poaching for the opinion pages.  Make a "hate-to-lose-ya-mate" phone call to Varadarajan.  He won't bite, but it's important that everyone know you made the effort. 

•  Kill the political presumption.

Show that your populist commercial instincts always trump your presumed political views by dragging the editorial page more toward the center. Challenge Paul Gigot by telling him you want the most compelling editorial page, not one best known for its ideological predictability. Surprise people. Sign Norm Pearlstine, Howell Raines, Andrew Sullivan, and Al Gore as regular columnists. Poach Tom Friedman, or at least offer him slightly less than what the Yankees pay a backup catcher.  If you get him, great. If not, the Times will at least be forced to play expensive defense.
 
2. Remove Zannino.

He is quite able. But no matter what he does, he'll never recover internally because he will always be seen as the guy who sold out. If Dave DeVoe  is already thinking about retiring, make Zannino your C.F.O. If not, pay Zannino a bunch of money to help spearhead your next deals. You want the executives sitting across from you in future negotiations to know that you take care of those who sell.  (And if you do cut jobs, have Zannino do it before he goes, freeing his successor of that baggage.) 

3. Bring Lachlan back to run Dow Jones.

That brings three huge benefits. First, it gives him a great reason to return. Second, it will significantly redefine what the word Murdoch means to Dow Jones. Third, it will lower your need for personal involvement. Lachlan has not only your nose for the scrum and genuine love of newspapers, but also his mother's polish and charm. Within six weeks, Lachlan will be trusted more than Zannino ever could be, because (a) Lachlan's surname gives him true authority, (b) Lachlan will drive an ambitious agenda that will eventually convince Journal staffers that they can win, and (c) Lachlan's personal appreciation for good journalists of every variety will prove itself genuine.