Murdoch trumpets Wall Street Journal acquisition
LONDON - Rupert Murdoch's News Corporation has launched an ad campaign across the world's newspapers promoting The Wall Street Journal, owned by Dow Jones & Co, after it finalised the $5.6bn (£2.8bn) acquisition of the company.
But The Journal's rival business newspaper the Financial Times refused to run the ad, as did the Chinese newspaper the China Daily.
The first page of the ad is headed: "Free people, Free markets, Free thinking."
It continues: "That's what we believe in. Confronting the issues, pushing the debate, breaking the story, creating the new format, producing the next blockbuster.
"That's what we do. We make the stuff that excites, entertains, informs, enriches and infuriates billions of imaginations. We create choice where none existed. And by doing so, we find a voice for people the world over.
"Today the greatest brand in financial journalism joins up with the world's most restless global media company. The tradition of editorial excellence of Dow Jones and the Wall Street Journal fuses with the agitating and visionary spirit of News Corporation. Together, we'll bring you the issues and themes that define our time and shape our future."
The following two pages list News Corp's achievements along its way to achieving a global empire, starting from Murdoch's first acquisition of the Adelaide News in Australia back in 1954, to this year when the company's Fox Business Network launched in the US.
The ads broke the day after shareholders of Dow Jones & Co voted to approve News Corp's acquisition of the company, which finalised the $5.6bn deal.
Dow Jones stockholders will receive $60 in cash for each share of common stock and Class B common stock that they own or 2.8681 Class B common units of Ruby Newco, a News Corporation subsidiary that will own all the shares of Dow Jones.
As previously reported, Les Hinton, executive chairman of News International, publisher of The Sun and The Times newspapers, is moving to New York to become chief executive of Dow Jones, while Robert Thomson, former editor of The Times, is also moving to New York to become the publisher of Dow Jones and the Journal.Natalie Bancroft, a member of the family that formerly controlled Dow Jones, will now sit on News Corp's board of directors.
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