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Rupert Murdoch at the National Summit on Education Reform on Oct. 14, 2011 in San Francisco. Could he buy both the Wall Street Journal of England and the L.A. Times?
Bloomberg reported Tuesday that the Financial Times — the Wall Street Journal of England — was being put up for sale, with a price tag of $1.6 billion. The way things are going for newspapers these days, that was an eye-popping number and immediately set off speculation about who might have the deep enough pockets to buy the FT (but not its sister publication in its corporate stable, The Economist).
Given that News Corp. just reported great quarterly earnings and has $10 billion in cash on hand, Rupert Murdoch's name rose to the top of the list. Murdoch already controls the Wall Street Journal and has been talked about as a buyer for the Los Angeles Times and the Chicago Tribune, both owned by Tribune Co.
Tribune is in the process of emerging from bankruptcy and it's expected that the new owners, a group of private-equity funds and investors including L.A.-based Oaktree Capital Management, will want to sell off the newspapers along with their challenged, although not necessarily desperate, economics and concentrate on broadcast operations.
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People stand next to a stand as newspaper bearing headlines on the greek crisis, are on display on November 7, 2011 in Athens. Greece's top politicians put the finishing touches to a unity government and begin talks on a new prime minister as markets react cautiously to a historic power-sharing deal to stave off bankruptcy and keep the country in the euro. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Martin Wolf is, according to many, the best finance and economics journalist in the world. From his perch at the Financial Times, he dispenses regular wisdom and concise opinion. And it's wisdom and opinion that's backed up by having done time on both sides of the major economic divide of the age: free markets versus central governments.
The ongoing eurozone crisis has involved all sorts of deep-dish coverage, ranging from sovereign debt bond-yield spreads to debates about tax policies and budget cutbacks, with gobs of court-intrigue political analysis and EU-ology thrown in. It's frankly dizzying. Also, the debate has gone exactly nowhere. The eurozone remains in crisis. Whatever political will is being deployed has been, it seems, devoted to perpetuating rather than resolving the problem.