JOURNAL Joins ranks of corrupt media

The big merger of FOX and Dow Jones (owner/pulisher WSJ) that was not approved ain't the story. The story is that many people at the Journal knew about the proposed merger for several weeks but the Journal wouldn't print it. Why? Because a merger would affect THEM. So what? Here's "so what." Many people bought puts and calls on the companies several weeks in advance hoping to profit on inside info. Info that nobody but them had, but that a newspaper is supposed to have an obligation to print. STAY TUNED. BTW, the agenda driven NYTimes broke the story today. Warning: as usual the article will be pulled soon. The Dow (options price) had a 50% advance ahead of the info. But the Journal sat on a story that everyone in media should have known about, and didn't. It was common talk around investment banks, Dow Jones, and presumably, some brokers. Especially JP Morgan and Goldman.

And many people outside Dow Jones and The Journal knew about the offer before it was reported. After his initial breakfast meeting with Mr. Murdoch, Mr. Zannino contacted at least several board members about his conversation as well as bankers at Goldman Sachs and lawyers at Fried Frank, people involved in the discussions said.

Mr. Murdoch’s team knew about the bid as well, including his advisers at JPMorgan Chase, Allen & Company and Centerview Partners and the company’s law firm, Skadden, Arps, Slate, Meagher & Flom.