There are rumors swirling furiously in media land that Rupert Murdoch has successfully completed his purchase of the Wall Street Journal.  The paper itself, as well as its union, deny the rumors.

Allegedly, the main point of contention in the negotiations between Murdoch and the current owners of Dow Jones (the super-old money Bancroft family) is editorial independence.  The Bancrofts claim they want the paper to remain editorially independent.  Murdoch is famous for reaching his tentacles directly into the newsroom, using his papers to settle personal vendettas, and worse.  Apparently, a deal has been struck whereby Murdoch's News Corp. will have very limited influence over WSJ (the ability to hire and fire the editor and publisher, subject to approval of an independent board.)

The Journal's op-ed pages are already famously conservative, nearly to the point of lunacy.  The paper's reporting, on the other hand, is considered top-notch.  The Journal has the second-highest circulation in the country (second to USA Today, ahead of the New York Times) and is considered highly reputable and influential.  How will this change if Murdoch takes over? What can progressives expect the new media landscape to look like?

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