Murdoch Finally Gets WSJ

It appears official. Sure, I'm sure there are documents to be filled and lawyers to be dealt with, but it appears that Rupert Mudoch's quest for the Wall Street Journal has finally been sucessful. Media Bistro reports:

Nearly three months after CNBC's David Faber broke the news that Rupert Murdoch's News Corp. was making an offer to buy the Dow Jones Company, Faber reports this morning that it's a done deal, and an "agreement is expected tonight."

Apparently, enough members of the family which controls 64% of the voting shares, have agreed to sell. A little more than 3 months from now, Murdoch launches his business news companion to the #1 cable news network, the Fox Business Channel.

Many analysts, and Murdoch himself, expect the Dow sale to be a game changer for FBC; bringing the heft of The Wall Street Journal to 24-hour TV. "We just want to have a business channel that lives up to the quality and traditions of The Wall Street Journal," Murdoch told FNC's Neil Cavuto on the day the offer was announced. "We think that we can do that and we will do very well."

One hurdle: The Wall Street Journal has a television deal with CNBC until 2012. On that issue Murdoch said, "we think there is plenty of room for us all to work together."

I wasn't sure Murdoch was going to pull it off for a while. After all, the Journal is an old publication with deep family roots. I bet their next family reunion will be very interesting. But I'm not surprised either. One thing I have learned is that it is foolish to under estimate Rupert Murdoch. He might be the single biggest media player in history.

CNBC enjoys a coveted relationship with the Wall Street Journal and, I'm sure, enjoy providing the Dow Jones Industrial Averages (DJIA) with pride. But the DJIA is just a name. What if Murdoch changes it to the Fox Business Industrial Averages? If that happens, 2012 couldn't come sooner for CNBC.