Time magazine came out swinging last week against Rupert Murdoch for his offer to buy the Wall Street Journal. In an article titled "Murdoch vs. Family-Owned Newspapers", Time painted a picture of Murdoch as a "controversial genius" who used his company for power and profit, swooping in to take over a family business where the owners "have made use of dual-class stock structures that allow them to take Wall Street's money while attempting to resist its pressures".How noble, they resisted the pressures of money while "Murdoch has treated News Corp. not as a trust but as a vehicle to get richer and more powerful." Wait, so using dual-class stock options that allow more votes for select family members in an aristocratic fashion is somehow more noble then expanding one's coporation by traditional methods? Business is business. Time shouldn't paint one method as better than another, the market will decide.
Time Magazine: 'Murdoch vs. Family-Owned Newspapers'