Rupert Murdoch’s bid for The Wall Street Journal has sent a chill through the industry.  Could it be that the owner of the New York Post could also own the world’s most respected and trusted journal of business?  If you believe everything you read in yesterday’s New York Times story about Murdoch, you’d get the impression that he’s really on a ‘crusade’ to actually save the newspaper business, and revive it with an integrated media strategy that drives readers and advertisers.

Reporter Richard Siklos had the unique opportunity to spend time with Murdoch personally as well as sitting in on meeting, receptions and strategy sessions.  In a ‘Citizen Kane’ fashion, Murdoch has created a media empire that is having an enormous impact on how we get our news and entertainment information.   So, the network that airs ‘American Idol’, ‘The Simpsons’, campy tabloids with racy Page Three photos, now could own the company known for steel futures and pithy Page One readers. 

As you read Skilos’ story carefully, you realize that Murdoch has already thought this through. Dow Jones and the Wall Street Journal will become part of his huge digital empire that, by the way, also owns MySpace.  Hmmm, will all Fortune 500 CEOs soon get a MySpace page as part of the deal? And how about an “American CEO Idol”? No, not a remake of NBC’s too-tired ‘The Apprentice’, but a competition between Forturne 100 CEOs who have to perform some performing arts.  Jack Welch singing ‘Bringing Sexy Back’.  Now, that’s compelling content!

Seriously, by acquiring Dow Jones, which is going to happen in a matter of time (six to 12 months), he will now become an all too legitmate source for information that touches all facets of life, demographics and will appeal to advertisers in virtually all forms of media.  As the Brits might say, that’s bloody brillant. As much as he is the man you want to hate, Murdoch is aquiring and investing the future of media, and speaks in terms of how his media companies have to devise ways to share resources.  Siklos offers this powerful quote from Murdoch:  “We need to take advantage of our global scale everywhere.”

Murdoch backs up his words with actions. Siklos’ article describes a recent strategy session where Murdoch pulled together his top publishing and digital media executives to brainstorm on ideas for a digital media strategy. In another scene, the head of MySpace is described sitting next to the 76-year-old Murdoch during a company function.  You really get the idea that Murdoch is serious about media, making money and ensuring that his company is positioned well into the 21st Century.  So, while you can sit on the sidelines and poke snicker at Murdoch and his Fox Empire, remember you probably got some type of information from him today in one form or another!