The Future of Print

News Corp: We Spent $2.8 Billion Too Much on Dow Jones

Posted in Doom by futureofprint on February 7, 2009

A little more detail, via a filing with the Securities and Exchange Commission, on the $8.4 billion write-down announced by News Corp. yesterday: $2.8 billion of that charge is getting assigned to the company’s $5.7 billion purchase of Dow Jones, publisher of The Wall Street Journal, a little more than a year ago.

To put a fine point on it: Rupert Murdoch is admitting that he spent twice as much as he should have for The Wall Street Journal.

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