RUPERT MURDOCH'S MSM-PIRE HAS ARRIVED. It looks like the media mogul has finally bullied the Bancrofts into submission. The New York Times reports that the family has tentatively authorized Murdoch's $5 billion buyout of The Wall Street Journal's publisher, just months before the debut of Murdoch latest on-air venture, the Fox Business Channel:

For Mr. Murdoch, the Dow Jones takeover gives him not only one of the world’s great media trophy properties and a larger voice in national affairs, but also a ready source of material and credibility for his newest big gamble, the Fox Business Channel he plans to launch in October.

More fair and balanced analysis, coming soon to a satellite near you.

--Mara Revkin