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When media tycoon Rupert Murdoch gained enough support to acquire The Wall Street Journal’s parent company Dow Jones this summer, the media speculated frantically over what the move would mean for the venerable newspaper. Was the acquisition one more step towards Murdoch’s eventual media monopoly? Would the conservative mogul destroy The Journal’s objectivity? Would the acquisition spell the end of The Journal as we know it? We find much of this hype is ill-reasoned. Murdoch is at heart a businessman and as The Journal’s owner, he will...
...weighed 300 pounds or more for much of his life, he had a Rabelaisian appetite for food and fun. Offstage he clowned on TV talk shows, appeared in commercials and movies, and generated nonstop tabloid copy. Reports of his dietary struggles and weight fluctuations circulated like a runaway Dow Jones average: up 25, down 80, up 60. He was a household name to millions of people who had never seen the inside of an opera house...
...Dow Jones industrial average...
...YORK CITY Rupert Murdoch wins bid for Dow Jones...
Then markets calmed, the Dow cracked 14,000, and the world got back to business. Don't count on that happening forever--today's jitters do probably presage something worse. "Rather like a brontosaurus that has been bitten on the tail and most of the body hasn't noticed it yet, the signal is working its way up the vertebrae," says Jeremy Grantham, chairman of Boston money manager GMO. But even the bearish Grantham doesn't see the reckoning coming tomorrow or even necessarily next year. And in the meantime, something with far more impact on most Americans' lives than...