Murdoch Surveys New Empire

As Rupert Murdoch celebrates his acquisition of Dow Jones, articles in the new jewel in his crown, the Wall Street Journal, and one of its biggest rivals, the New York Times, speculate about the future. They agree Murdoch will direct a titanic battle for ads and readers against both the Times and the Financial Times. There's unlikely a detailed "grand plan," said one source, citing Murdoch's preference for instinctive management.

But he aims to broaden the Journal's reach beyond business readers and will likely absorb early losses by discounting advertising and investing in content. He'll use Dow Jones brands to create new online platforms for global operations and to supply content for the nascent Fox Business Network. Overshadowing all is the question of what direction Journal editorial quality will take. (More Rupert Murdoch stories.)