Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:04am EDT -
Sinking Animal Spirits
Apr 27 20098:04am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:04am EDT -
Be Your Own Counterfeiter
Apr 26 20099:04am EDT -
Being Tim Geithner
Apr 25 200912:04pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:04am EDT -
What Good is the News?
Apr 25 20098:04am EDT -
Stressful Enough
Apr 24 20092:04pm EDT -
Not Regretting the Pound
Apr 24 20091:04pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:04am EDT -
Non-Economic Questions of the Day
Apr 24 20099:04am EDT -
The Stress Test Blind Alley
Apr 24 20098:04am EDT -
Happy Hour
Apr 23 20099:04pm EDT -
Recovery Without Rebalancing
Apr 23 20096:04pm EDT -
The Shape of Your Recession
Apr 23 20095:04pm EDT
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Rupert Murdoch, Victorious
It's finally happened: News Corp has enough Bancroft votes that it's going to go ahead with its acquisition of Dow Jones. By the fourth quarter, Rupert Murdoch will be the new proprietor of the Wall Street Journal.
The key capitulation came from Denver trusts controlling 9.1% of Dow Jones votes. They'd been holding out for a premium over the non-voting shares, but when it became obvious that neither Dow Jones nor News Corp was willing to play that game, they voted at least some of their shares in favor. Now the deal is done.
I'm actually mildly disappointed that the Denver trusts didn't stick to their guns, and call Murdoch's bluff. But I'm not unhappy that Rupert is going to own the WSJ. I think he'll invest in it and make it a better paper than it is today, and I look forward to its evolution in the years to come.
