Murdoch Bid on Dow Jones Advances

Murdoch has talked of positioning the paper as a more direct competitor to The New York Times, meaning more political and general coverage. How that plays out will be a major factor. In theory, this would mean more investigative work on political and social issues, but he has also said he finds a lot of financial coverage too negative or too long. Difficult to read those tea leaves accurately.

This is a tight time in newspaper jobs, so I think staff will hang around longer than might have been the case a decade ago. I expect them to keep on doing what they're doing unless they reach an impasse, or are being asked to do something unethical, in which case that will receive high-visibility public attention and an outcry will follow.

No matter how you cut it, for the near-term future readers will have firmly in mind that a company run by an Australian publishes The Wall Street Journal. Over time, if nothing catastrophic seems to have occurred, readers tend to forget. This is also a time of print publication reductions, and if Murdoch cuts back print in favor of online and broadcast, readers will complain and he will be the culprit.

As you note, there has been a dichotomy between the editorial pages and news pages of The Journal. If the paper truly deviates from a history of in-depth and investigative work that is not closely linked to its editorials, this should open the door for other competitors.

The Wall Street Journal is an investigative reporter's dream paper and takes that social responsibility seriously. I would think Murdoch would value that history. It has been reported that he wants to increase those stories. Saying that, I have not been impressed with The New York Post's investigative work, nor its ability to spin a compelling yarn.

Overall, my concern about this sale stems from Murdoch's reported comments that Journal stories are too long and overwritten. He has also said that he didn't see much value in the page one middle column centerpiece. Like many people, I consider those stories a must read. And that those stories help make the Journal the best written and edited paper in America.

If Murdoch can produce a solid piece of investigative journalism under 25 inches, I would be happy to read it. But if investigative stories are going to reveal anything, they have to command time and space. It has been my experience as an editor at The Philadelphia Inquirer, where investigative reporting was a staple, that few readers turn away from a story over length if it has something compelling to say. But I am not kidding myself. Changes will occur gradually as the newsroom interprets Murdoch's vision. And if his vision is shorter, quicker reads then you can expect that to happen.

Remember, the power of reader feedback is important. If you start missing the type of in-depth investigative stories that are the paper's trademark, write to protest and urge all your friends to do the same. Ultimately, the WSJ should belong to its readers, not as a vanity enterprise for its owner.