November 13, 2007

The End of the Economy As We Know It

This from the Washington Post:
Life Under Murdoch by Howard Kurtz

An air of resignation has settled over the Wall Street Journal newsroom.

With Rupert Murdoch's takeover of parent company Dow Jones . . . completed, Journal editors and reporters have been pondering what life would be like under the mogul who owns Fox News, the New York Post, Times of London, Weekly Standard and other media and entertainment properties.

While some reporters have sent out their résumés -- and others are being courted by rival news organizations -- those contacted say they have little choice but to try to adapt, especially in a tight job market.

"There's a lot of apprehension, but I don't think there's panic," one veteran staffer says. "There are some people who in conversation will say they're not hanging around. Other people are going to wait and see. I don't know anyone on our news staff who was rooting for this outcome. As with everything else in life, you accept it."

Says another staffer: "There are people who say this means doom for the paper, but I find sentiment is turning. People are right to be anxious, but what's the alternative? You've got this guy who loves newspapers, believes in newspapers, and wants to open his checkbook to make sure the Wall Street Journal makes it to the other side."

Journal employees are acutely aware of Murdoch's history of meddling in news coverage, particularly when his political or business interests are at stake. The question is whether he would be unusually restrained in the case of this acquisition, a theory described by the Journal veteran as "he's too smart to wreck the franchise, because that would wreck the economic value of what he's paying $5 billion for."
Not to mention the nation's [possibly the world's] economy.
Oh, that's right-- Murdoch perceives that as being in the 'Not My Job' department.
Silly me.


Mary Ellen said...

Rupert Murdoch may like to own newspapers, but it doesn't mean he gives a shit about journalism. The guy is poison. I feel sorry for anyone who works for him, I would think it wouldn't do much to help their resume. Newspaper journalism is a very competitive field and you have to work for a long time before making any real money. It must be a difficult decision to leave after you've put so much time in to build your reputation.

TomCat said...

I think that, over time, it will come down to integrity. Eventually, those who have any at all will be weeded out, and those that remain will not mind, as long as they get theirs.