Saturday, April 3, 2010

Wall Street Journal Slashes Price to Bleed The New York Times

Three years ago, News Corp. (NWS) Chief Executive Rupert Murdoch bought The Wall Street Journal publisher Dow Jones for more than $5 billion, an insanely high price for a floundering company in a moribund industry. Murdoch is ignoring the naysayers again as he targets the New York Times Co. (NYT).

The Australian media tycoon takes no prisoners when he competes against his enemies like the Times, which conservatives consider the liberal media elite's high temple. According to Reuters, the Journal is slashing its subscription prices by about 80% as it prepares to launch its New York edition.

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