WSJ Better Off With Murdoch Than Burkle

There is a neglected question surrounding Rupert Murdoch’s purchase of the Dow Jones Company and the Wall Street Journal: why were critics of the purchase and Dow Jones and Wall Street employees themselves up in arms over the threat to journalistic independence posed by Murdoch but none of them seemed even slightly concerned over the potential danger to literary freedom that might have occurred under a different buyer? The media attention Murdoch’s purchase garnered revolved around the assumption that Murdoch might meddle with the Wall Street Journal and compromise its journalistic integrity while there seemed to be very little concern that an owner other than Murdoch might inject his or her own ideology into the paper’s news coverage.

Before Murdoch and the Bancroft family, owners of Dow Jones, entered into the latest intense round of purchase negotiations that ended with this morning’s announced final decision to sell to Murdoch, the names of other potential buyers made brief splashes on media pages, only to be obscured by the long shadow cast by Murdoch’s media empire. One billionaire who expressed significant interest in purchasing Dow Jones, parent company of the Wall Street Journal, was Ron Burkle, former grocery store magnate and unquestionably the closest influential and wealthy friend of Bill and Hillary Clinton, both during Bill’s presidency and after.

Since leaving the White House, the Clinton’s have flown more mileage around the globe on Burkle’s private jet, an ostentatious Boeing 757, than on all other aircraft combined. Burkle’s Bel Air (Los Angeles) estate has hosted countless parties, fundraisers, rallies, and private retreats for the Clintons, as president and former president. Further cementing his position at the Clintons’ side, Burkle has consistently ranked as one of the top individual donors to the Democratic National Committee, Hillary’s election and reelection campaigns for the Senate, and currently to her presidential campaign.

I am not suggesting that there is anything improper about this cozy financial and political relationship. Wealthy and influential individuals in both parties have always ingratiated themselves with political figures for a variety of personal or business reasons. Likewise, I am not impugning Burkle’s motives for his desire to bankroll and provide free transportation to the Clintons to further their political ambitions. The significance of this relationship lies in the complete lack of attention given to it by the media and Dow Jones employees while Burkle was floating multi-billion dollar offers that many found more appealing than selling to Murdoch. While Murdoch was vilified for his personal involvement in making changes to previous news enterprises he had acquired, no one gave any serious consideration to how the Wall Street Journal might have covered news under Burkle’s ownership in light of his close ties to the Clintons.

The Wall Street Journal (WSJ), largely because of its foundations in American business, has usually been a reliably conservative publication, with a few exceptions such as its advocacy of open borders and amnesty for illegal immigrants. Even in taking that position, as flawed as it was, the WSJ was consistent with the views of many influential businesses that utilize cheap labor. Aside from that issue, though, the WSJ’s conservative news coverage and Op/Ed pieces are a welcome alternative to the brazenly liberal news coverage offered by the New York Times and most major dailies in America’s cities. As “meddling” as Murdoch’s takeovers and purchases of various media outlets may have been, few would argue that his influence has ideologically altered the news coverage of those outlets. It is certainly true that he has employed certain tactics such as shocking headlines and stories with some reference to sex to generate attention, particularly in some of his international publications. Yet he established Fox News as a more conservative alternative to liberal CNN and traditional network news offerings, and after more than a decade of broadcasting, Fox News remains dedicated to providing that conservative perspective. Dow Jones and WSJ employees should consider that aspect of Murdoch’s track record and breathe a little easier than they might have if Burkle had successfully purchased Dow Jones.

The Clintons already have an influential and widely read publication consistently doing their bidding: the New York Times. Their reach would have been enormously increased if Burkle had purchased the WSJ. It is extremely unlikely that an aggressive businessman like Burkle, who enjoys personal involvement in running his enterprises, would have been an absentee owner who would have kept his hands off of the WSJ’s journalistic ideology. Burkle is highly active in the DNC and his personal relationship with the Clintons would certainly have influenced what he would or would not want to read in his version of the WSJ. Why would he have paid billions of dollars to purchase Dow Jones and the WSJ only to allow it to undo his political activism through articles or Op/Ed pieces critical of his party and specifically the Clintons? That would not have been a wise return on his investment. Under Burkle’s ownership, the WSJ likely would have embarked on a slow but steady drift to the left, something neither its readers nor its employees would have appreciated.

It is easy to understand why Dow Jones and WSJ employees feared a Murdoch takeover, but they had much more to fear, including their jobs as conservative journalists, had a less controversial buyer like Burkle gotten his hands on the WSJ. Murdoch will be under enormous pressure to maintain the WSJ’s reputation and broad readership. He will surely tinker with the WSJ, attempting to make it more widely available, or perhaps bring it into more direct competition with the New York Times or even USA Today. Some of those efforts might achieve spectacular success, and some might prove to be dismal failures. The good news for WSJ employees is that his track record with Fox News indicates that he will not alter the generally conservative bent of the WSJ, which is the source of the paper’s journalistic independence in a news media world dominated by liberal lock-step ideology.

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Wall Street Journal, Rupert Murdoch, Dow Jones, Takeovers, News Integrity, Ron Burkle, Bill Clinton, Hillary Clinton