This is a rush transcript from "Your World with Neil Cavuto," December 13, 2007. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST: Now, though, to another big player today, having nothing to do with baseball, even though, for a while, he did own a baseball team. That was then. This is now.
Today, he officially took over a different team, a team that, for the better part of the last century, was under the control of a single family, again, as I said, until today, when Rupert Murdoch's quest to make Dow Jones his finally got the approval of a healthy majority of the company's shareholders, including a majority the Bancroft family, some of whose members once fought Mr. Murdoch tooth and nail.
Now lock, stock and barrel, The Wall Street Journal, Barron's, MarketWatch, Dow Jones itself, it's all his and his News Corporation, all that the largest and most influential media company on the planet.
With me now, the chief executive of News Corp. and my boss — so, I got to be real careful here — Rupert Murdoch.
CAVUTO: Mr. Murdoch, very good to have you. Congratulations.
RUPERT MURDOCH, CHAIRMAN AND CEO, NEWS CORP.: Thank you, Neil.
CAVUTO: This is something that you have always wanted. Sort of like, ahead of Christmastime, you got your toy. What do you think?
MURDOCH: Well, you know, for several years, we thought about it. But we thought it would impossible. Then, a couple of years ago, I heard there may be a couple of cracks or a possibility of...
CAVUTO: You never gave up on it, did you?
MURDOCH: Oh, no. You never stop thinking about things like that.
Now you have got this marquee brand. What are you going to do with it?
MURDOCH: Well, I think it's already the best financial paper and a wonderful — a wonderful institution in this country.
But we want to make it absolutely the preeminent source of financial news and information and comment in the world. We have got to globalize it. We have got to digitize it. There is a lot to do.
But the paper itself will be the flagship, of course.
CAVUTO: The paper, The Wall Street Journal, itself?
CAVUTO: When — when you offered $5 billion to buy Dow Jones, many said you were paying a lot of money for effectively what was a dinosaur. You argued otherwise at the time when you and I were chatting.
Are you still convinced, in the face of the economic slowdown, some argue maybe worse, advertising and both the classified and general side not looking great, still feeling that way?
MURDOCH: Well, we don't have much classified, and I don't know what is going to happen next year.
But we do these things for the long term. And we think this is a very, very great asset. We are seeing in the world today huge creation of wealth, maybe not right now in the United States. But, you know, there's 100 million people a year coming out of poverty, creating things. And there is going to be, you know, a huge hunger and a need for financial and business information.
And, so, we think it has got a great future.
CAVUTO: You are planning to run, I guess, Mr. Murdoch, an ad how News Corp., to the point, has been defying conventional wisdom, much like the wisdom I told you at the time you first made your offer for Dow Jones. And — and we have discovered here, our crack team at FOX, that The Financial Times is not going to run this ad tomorrow.
MURDOCH: Or the People's Daily.
CAVUTO: Right. The New York Times is, but not The Financial Times. What did you make of that?
MURDOCH: I think they're a little oversensitive. If I was them, I would have taken the money.
CAVUTO: So, if — obviously, if I am The Financial Times, I am thinking, this guy is the biggest threat we face. What do you think?
MURDOCH: Well, yes, but, you know, the — the real paid circulation of The Wall Street Journal is four or five times that of The Financial Times. And it is a very much bigger thing.
In this country, it's 10 times as big. This is much more American- centric at the moment. But, as we get around it, we will develop the international editions and compete with The Financial Times in Europe and in Asia.
CAVUTO: What about here in the United States, where The New York Times sort of has that brand prestige? Sometimes, I wonder why, but it does. Is that your real goal, to not — not to take The New York Times, but take them out?
MURDOCH: No. Well, we're already, in the circulation, 50 percent bigger than The New York Times. Our readers are more influential, wealthier. We are a very much more attractive prospect to advertisers than The New York Times is.
On the other hand, it has been running general news. It's got an organization there 150 years old. It has a huge habit buying it around the country on a Sunday. You can't just take it out like that. But it will be competing with us, and we will be competing with it for sure. But we are a long way in front now.
CAVUTO: All right. The Wall Street Journal, of course, is the base of all those prominent financial advertisers. I guess The New York Times gets the Hollywood guys. It gets more generic brand type advertising, prestige, luxury brand type advertising, not that The Journal does not, but The New York Times is associated with more of that.
Is that part of what you are going after, too?