In Rupert Murdoch's letter to the Bancroft family, he's quite unambiguous:

The businesses of Dow Jones, and in particular The Wall Street Journal, represent American journalism at its best. Your record of journalistic independence and integrity is second to none. Any interference -- or even hint of interference -- would break the trust that exists between the paper and its readers, something I am unwilling to countenance. Apart from breaching the public's trust, it would simply be bad business.

The Journal's reporters in China don't trust him at all, however.

News Corp. Chairman Rupert Murdoch has a well-documented history of making editorial decisions in order to advance his business interests in China and, indeed, of sacrificing journalistic integrity to satisfy personal or political aims.