Mergers have changed the media landscape—not only how companies operate, but also how we consume information. There was a time, though, when the market was largely fragmented, meaning that a broadcast company concentrated its efforts on solely television or radio, while a publishing company owned just newspapers or magazines. But those days are long gone. Like many other industries, the world of media has been affected by consolidation. Today, large conglomerates like News Corporation don't just specialize in one type of media, they commonly own a range of media properties. News Corp. has a number of media outlets under its banner including the Wall Street Journal. This article looks at the newspaper's history and how the company came to acquire it.
Key Takeaways
- The Wall Street Journal was founded in 1889 by Charles Bergstresser, Charles Dow, and Edward Jones.
- It was taken over by Clarence Barron in 1902, who passed it down after his death to the Bancroft family in 1928.
- Rupert Murdoch's News Corporation purchased Dow Jones & Company from the Bancrofts in 2007 for $5 billion or $60 per share.
A History of the Wall Street Journal
The Wall Street Journal is one of the world's leading daily financial newspapers. It has dominated American business publishing and was the country's first national newspaper and has won more than three dozen Pulitzer Prizes for its work. The paper boasts a circulation of more than 2.8 million copies as of 2019—a number that includes both its print and online subscriptions.
The newspaper's first edition was published in 1889 by three men—Charles Bergstresser, Charles Dow, and Edward Jones. Since then, it's been printed six days a week and also offers readers an online version that was launched in 1996. Subscribers can also access the WSJ through its mobile app. There are also Asian and European versions of the newspaper.
The newspaper was owned exclusively by news company Dow Jones & Company. The company was taken over by Clarence Barron—the founder of Barron's Financial Weekly—in 1902, who passed it on to the Bancrofts in 1928. The Bancrofts owned a majority stake in the company with almost two-thirds of the company's voting shares.
Enter News Corporation
Rupert Murdoch's News Corporation (NWS) put in a takeover bid for Dow Jones & Company in 2007—an offer that was initially rejected by the Bancrofts. The family agreed to the deal several months later, selling the WSJ for $5 billion or $60 per share. The deal, which ended the 105-year-long ownership by the Bancroft family, was $2.25 billion—a 67% premium—over the announced market price on the day the offer first was announced. At the time, the newspaper industry was struggling, and many prominent daily papers already closed or drastically reduced production. Murdoch’s deal, therefore, was extremely attractive. News Corp. took over ownership of the WSJ as well as other Dow Jones assets including the Dow Jones Newswire.
News Corporation trades on the Nasdaq and is one of the companies that make up the S&P 500.
Murdoch is one of the world’s most powerful media tycoons. Born in Australia in 1931, he inherited a newspaper company from his father in 1952. Since taking over the family business, he amassed a number of assets including some of the world's top papers, broadcasting companies, magazines, and digital assets. The following is a short list of some of the other names that fall under the News Corp. banner:
- Fox Corporation
- HarperCollins
- The New York Post
- realtor.com
- The Sunday Times (U.K.)
- Vogue Australia
- Sky News Australia
Phone-Hacking Scandal
Not long after News Corp. purchased the Wall Street Journal, news broke that journalists at British newspapers owned by Murdoch were tapping phone lines to get the inside scoop for their stories. While Murdoch said he had no direct involvement, the scandal forced the closure of the News of the World—Britain’s top-selling newspaper—and led to criminal charges against many senior journalists. As a result, Murdoch dropped his bid to purchase the BSkyB satellite network.
Most members of the Bancroft family said they would not have sold the company to Murdoch had they known of the conduct of his employees in the phone-hacking scandal. Even before news broke of the scandal, many members of the family showed concern over Murdoch's journalistic practices and attempted to put an independent panel in place to safeguard the paper's ethics.
FAQs
The WSJ is a division of Dow Jones, which is owned by Rupert Murdoch's News Corp. The paper's primary focus is business and economy but also covers other areas of news. The WSJ has several media platforms, including a daily print paper (except Sunday), web access, tablet and smartphone app editions.
Who owns the Wall Street Journal now? ›
The Journal is owned by News Corp, the publishing powerhouse controlled by the Murdoch family, which also owns Fox News.
Who is the parent company of the Wall Street Journal? ›
Dow Jones & Company, Inc.
(also known simply as Dow Jones) is an American publishing firm owned by News Corp and led by CEO Almar Latour. Dow Jones & Company, Inc. U.S. The company publishes The Wall Street Journal, Barron's, MarketWatch, Mansion Global, Financial News and Private Equity News.
Is WSJ owned by Murdoch? ›
The US$5 billion sale added The Wall Street Journal to Rupert Murdoch's news empire, which already included Fox News Channel, Fox Business Network, London's The Times, the New York Post, and the Fox flagship station WNYW (Channel 5) and MyNetworkTV flagship WWOR (Channel 9).
Is the Wall Street Journal owned by Jeff Bezos? ›
Billionaire Michael Bloomberg is reportedly eyeing a purchase of either the Rupert Murdoch-owned publisher of the Wall Street Journal — Dow Jones — or the Jeff Bezos-owned Washington Post.
Who is News Corp owned by? ›
News Corp was established in 1980 by Rupert Murdoch as a holding company for News Limited. News Limited was founded in 1923 in Adelaide by James Edward Davidson, funded by the Collins House mining empire for the purpose of publishing anti-union propaganda; subsequently the controlling interest was bought by the Herald ...
Who is CEO of WSJ? ›
Almar Latour is Chief Executive Officer of Dow Jones and Publisher of The Wall Street Journal.
Who runs Wall Street? ›
New York Stock Exchange
| Founded | May 17, 1792 |
| Owner | Intercontinental Exchange |
| Key people | Sharon Bowen (Chair) Lynn Martin (President) |
| Currency | United States dollar |
| No. of listings | 6,332 (Feb 2024) |
8 more rowsThe Wall Street Journal is the world's leading business publication. The Journal is the best way for marketers to reach the business leaders, active investors and affluent consumers—a uniquely powerful, cost-effective and convenient vehicle to reach the world's most influential audience.
How does WSJ make money? ›
While the Wall Street Journal relies heavily on subscriptions for both its print edition and digital content, advertising is an important part of the mix as well. However, the company sells all of its own online and mobile inventory? it does not work with ad networks.
Murdoch identifies himself as a libertarian, saying "What does libertarian mean? As much individual responsibility as possible, as little government as possible, as few rules as possible.
Why did Rupert Murdoch step down? ›
In a memo to employees, Murdoch said "the time is right" for him to take on "different roles". Murdoch, 92, launched Fox News in 1996. It is now the most watched TV news channel in the US. Murdoch said he will transition to the role of Chairman Emeritus of both firms in mid-November.
What publisher is owned by Murdoch? ›
HarperCollins is owned by Rupert Murdoch's media conglomerate News Corp. HarperCollins has around fifty imprints. Zondervan had been their sole evangelical Christian imprint until they bought Thomas Nelson Publishers in 2012. The two are combined under the HarperCollins Christian Publishing group.
Who are the shareholders of Wall Street Journal? ›
The WSJ is a division of Dow Jones, which is owned by Rupert Murdoch's News Corp. The paper's primary focus is business and economy but also covers other areas of news. The WSJ has several media platforms, including a daily print paper (except Sunday), web access, tablet and smartphone app editions.
Which newspaper does Bezos own? ›
In August 2013, Jeff Bezos purchased The Washington Post and other local publications, websites, and real estate for US$250 million, transferring ownership to Nash Holdings LLC, Bezos's private investment company.
Who controls the US news? ›
Now, 90% of the media in the United States is controlled by just six corporations: AT&T, CBS, Comcast, Disney, Newscorp and Viacom. This means that just 232 media executives are calling the shots for the vast majority of the information we are presented with, controlling a total Big Six net worth of over $430 billion.
Are Fox News and The Wall Street Journal owned by the same Company? ›
The Wall Street Journal is controlled by Dow Jones Publications which is owned by News Corp, a company controlled by Rupert Murdoch who also owns Fox News.
Who owns Dow Jones and Company? ›
Rupert Murdoch's News Corporation purchased Dow Jones & Company from the Bancrofts in 2007 for $5 billion or $60 per share.
Who is in charge of The Wall Street Journal? ›
The Wall Street Journal separates news and opinion. The news department, led by Editor in Chief Emma Tucker, operates independently of the opinion pages, led by Editorial Page Editor Paul Gigot. Both report to Dow Jones CEO Almar Latour.
