Taking the 'Wall Street' out of The Journal? 
Even before sale finalized, Murdoch pushing his agenda, opening his wallet, at Wall Street Journal
One could argue that Rupert Murdoch has something of a fetish for punchily named newspapers: The Sun, The Times, The Advertiser, The Australian. Is it any wonder the News Corp. CEO considered re-branding his latest acquisition simply, The Journal?
Murdoch's suggestion to punch-up the Wall Street Journal's nameplate was quickly scuttled, people briefed on the matter told the New York Times, but that the idea was even broached has contributed to fears of some staffers that Murdoch would remake their august financial news source into another organ to promote his business and political interests.
"He's not wasting any time," one executive at Dow Jones, the Journal's parent company, told Times correspondent Richard Perez-Pena. "He’s already calling the shots, making decisions. We know that’s his M.O., but it’s amazing to see."
Perez-Pena also notes that his own paper could face more intense competitive pressures from a Murdoch-owned Journal.
"Mr. Murdoch has said that he wanted The Journal to step up its coverage of politics and national and international affairs, making it a more direct competitor to The New York Times," Perez-Pena writes. "He has lobbied for more hard news and more succinct articles — a marked shift in tone for a newspaper whose signatures include long, often quirky news features that start on the front page."
Murdoch fought to take over Dow Jones this summer, and the sale is expected to be approved by shareholders Thursday. Reporters and editors worried of Murdoch's plans for his new newspaper, and the Journal even documented the Australian media tycoon's history of shaping his newspapers and television stations to serve his political agenda.
"But Mr. Murdoch also pledged to open the purse strings to expand The Journal’s reach, a prospect many people welcome at a newspaper with years of stagnant advertising revenue," Pena reports. "Already, The Journal has offered significant raises to journalists it wants to hire and to some who were considering leaving the paper, with Mr. Murdoch calling some reporters personally to ask them to stay."
Murdoch has already moved into an office at Dow Jones & Co., and he replaced top executives at the Journal with his own loyalists last week, Perez-Pena reports. Such swift and heavy-handed restructuring is a departure from traditional media takeovers.
"There tends to be some patience about getting to know the operation and making a smooth transition," Louis Ureneck, chair of Boston University's journalism department, tells Perez-Pena. "But he’s operating like a young man who’s bought a sports car and can’t wait to hop in and drive it around."
While a handful of Journal reporters bolted the company soon after Murdoch's planned purchase was announced in late July, the media magnate's deep pockets and pledge to invest heavily are easing some concerns. News Corp brings in about $29 billion in annual revenue, as opposed to $2 billion for Dow Jones.
In agreeing to purchase Dow Jones, Murdoch agreed to give the Journal's managing editor total control over most of the paper's content and newsroom hiring, firing and assignment decisions. However, some suspect that Murdoch's control over the paper's budget will give him sway over the newsroom.
The extent of the Journal's transformation remains to be seen. Will it continue to serve as an outlet for solid reporting and quirky news features? Or will the New York Post's "Headless Woman Found in Topless Bar" ascetic simply be adopted for broad-sheet?
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