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War at the Wall Street Journal: Inside the Struggle To Control an American Business Empire

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You know a book is really good when... you are on an express subway train and you don't realize you've passed your stop until it pulls out of the station. And you don't even mind that it's going to take you an extra 40 minutes to get home, because that will give you more time to dig into the book...

That's the test that Sarah Ellison's gracefully-written and impeccably-researched chronicle of the battle for the control of and the soul of the Wall Street Journal passed with flying colors this past weekend. True, I had a vested interest in the subject, given that I spent the better part of 14 years toiling at the same newspaper (leaving 8 years ago) and knowing many of the characters involved. Ultimately, this book is itself a tribute to the "old" Wall Street Journal -- a detailed, careful saga that avoids getting bogged down in arcane details about family trusts and the newspaper's history and focusing on "showing" rather than "telling" the reader how a dysfunctional family, an ambitious media mogul and perhaps willfully blind newspaper editors collided, producing a dramatic change in the nature of a century-old American institution, The Wall Street Journal. Ellison presents everything from inside glimpses of the 'morning meeting' at the paper (complete with the posturing and game-playing of ambitious bureau chiefs and editors) to an inside glimpse of Rupert Murdoch's life, from slavish bellboys to the interior of his private plane. It's business journalism at its best; a worthy heir to books such as Barbarians at the Gate and Den of Thieves.

Ellison is a former Journal reporter who had longstanding relationships with many of the key players in the drama; she also got access to the Murdoch family and to Robert Thomson, Murdoch's new lieutenant at the helm of the Journal, as well as to key members of the Bancroft family. The result is a well-rounded narrative that doesn't skip over any twist or turn in the story of how the Wall Street Journal went from being a "public trust" in the hands of the Bancrofts to a feather in the cap of Rupert Murdoch, who had long coveted it. At its heart, the story is one of an impossible conundrum that now faces every newspaper in America: how to remain profitable in the Internet era. Under the Bancrofts, the Journal may have retained its cherished independence, but without the resources to undertake the projects that made it famous. Under Murdoch, the future remains murky; the resources are there, but is there a vision? One of the best features of this book is that Ellison lays out the evidence and allows readers to judge for themselves, although her conclusion hints at her own view of the way that subtle changes that fall short of editorial interference can still result in a very different kind of newspaper product.

Even if you're not enamored of business books, this could be the one to change your mind. The portraits in words of the various players, from JP Morgan Chase dealmaker Jimmy Lee, with his slicked-backed hair and his suspenders, to the haggard-looking Marcus Brauchli, ousted WSJ managing editor, are impeccable and often either hilarious or poignant.

Very highly recommended.

Full disclosure: Ellison was a colleague, although we never worked together on stories/projects. Neither she nor her publisher provided me with a copy of this book, nor did they solicit a review.

This is a book for newspaper lovers. The story of Rupert Murdoch's takeover of the Wall Street Journal ought to be written by Sarah Ellison, the Journal reporter who covered that saga as it occurred in 2007-08. Too bad about the clunky title. It's a fine explainer, especially for those of us who eagerly followed what happened, but could not quite keep track of the twists and turns in real time, nor make sense of the daft dynamics among the principal owners, the Bancroft family. Ellison lays it out, stenciling in the necessary background, and drawing out the characters who make it come alive. She portrays Peter Kann, a journalistic hero, as an incompetent CEO whose skills as an executive ran to pacifying the owners and promoting his wife. Rich Zannino, the finance guy who took over, comes across as indifferent to the newspaper's mission and utterly clueless about journalism. And best of all is Murdoch himself, captured here in all his glorious contradiction - brilliant media strategist, gossip obsessive, elite-hating outsider, inconsiderate father, gracious conversationalist, and hard-knuckled publisher of loud, second-rate newspapers all over the world.

I have a slanted view of this history. I once worked for a mediocre newspaper in Hong Kong and watched as Murdoch bought it and sent in his henchmen, who kept it mediocre. More important, I knew Marcus Brauchli, maybe the most poignant figure in this book, as an energetic journalist and supreme man-about-town in Shanghai when we worked there in the last century. I cheered when he became Managing Editor of the Journal, and worried about him when Murdoch's bid became public just afterward. Brauchli comes across accurately in this book as a savvy workhorse who essentially outsmarts his competitors as he climbs the ladder. Ellison faults him as an editor for not having enough time for his staff, so busy was he trying to save the enterprise. Still, many of us who like and admire Brauchli hoped that he could, better than anyone else, protect the Journal's high standards while meeting Murdoch half-way on his demands that articles be shorter and blunter. It was wishful thinking. Murdoch has an old-world dependence on devoted lieutenants, and doesn't have the temperament for compromise needed to win hearts and minds. Brauchli was soon out.

Ellison is ultimately quite critical of Murdoch's efforts at the Journal, itemizing the ways he has made it worse. His defenders will be unable to answer her insider's description of how he is taking it downmarket. Finally, she explains how this monstrously successful media mogul is willing to lose money hand-over-fist in order for a chance to take up the fight against the disapproving media establishment. So often, the common reader will side with an underdog who challenges The Way Things Are Done. Not this time.

An interesting book and a quick, engaging read. The first half covers the takeover bid by Rupert Murdoch for Dow Jones, principally on how the Bancroft family dealt with it. The second half covers the Journal post-takeover and the many changes that have occurred. The author is a compelling writer and clearly had full access to most of the key players. It was not my imagination that the Journal has changed more in the past few years than it did in my prior 15 years of reading it.

Readers appalled by the continuing decline of the news media will appreciate this well written and well researched account of Rupert Murdoch's takeover of the Wall Street Journal.

The author, a former reporter for the WSJ, had excellent access to many sources at the paper, as well as the staff at Murdoch's News Corporation and the members of the Bancroft family, longtime owners of the journal.

Basically it's no mystery how the Australian media barracuda won his prey: he put up such a huge wad of money that the family just couldn't say no, especially at a time when the circulation and ad revenue of so many newspapers are dropping like flies in the face of the internet.

As another review of this book notes, some of the Bancroft reporting here almost reads like a tawdry episode of "Dallas" or "Dynasty." In-fighting, drug use, and a wide-ranging cast of characters make for lively reading.

Indeed, one of the challenges the author mostly overcomes is helping the reader keep the characters straight. She does this with the continuing use of descriptive phrases, reminding readers who is who as the story progresses.

Ultimately one must wonder if any newspaper mogul since William Randolph Hearst has done as much damage to America and the world as Murdoch. The man certainly knows how to appeal to the lowest common denominator, and the epilogue of the book reveals how his right-wing politics have already contaminated one of America's most trustworthy and prestigious journals beyond all redemption.

This detailed account is another sobering reminder of the corrosive misuse of wealth and power, and one hopes that an Orson Welles will rise to the challenge of revealing Murdoch on the silver screen for the dark force he is. Until then, this book gives a pretty telling idea.

War at the Wall Street Journal takes the reader inside one of the more unusual takeovers in corporate finance. Any story involving Rupert Murdoch is usually a good one whether you consider him the greatest villain the world has ever known or the shining beacon of journalistic truth there is little doubt that when he is involved you are in for an interesting story. On the other side you have the Bancroft family who are the long term owners of the Dow Jones Company whose crown jewel was the Wall Street Journal. For those who are interested in the transformation that made the Wall Street journal what it is today from the Bancroft's languishing attention to the editorial changes that Rupert Murdoch put in place to the hold out editors on the newsroom floor. This book paints a complete picture of the Journal and Ellison is a quick read with easy to follow story lines in a complex web of corporate takeovers. Well worth the time and fun to read.

This is a first rate story about the decline of the newspaper industry in general; Rupert Murdoch and his insatiable desire for power; The Wall Street Journal specifically and the family that owned it for 105 years, the Bancroft's; and the riveting story of the purchase of The Wall Street Journal by Rupert Murdoch and it's impact on journalism in the U.S.

I am not generally a fan of business related books of this type and decided to read it based largely on the reputation of Sarah Ellison and my interest in Rupert Murdoch and his impact on journalism. While I realize the following statement is over used I am sincere in saying that once I started reading the book it was difficult to put down. It is a real spellbinder. The author has the rare knack of writing in a way that makes the reader feel as if they are visiting in person with the author. The story flows in a logical manner, the narrative is excellent, and it is very apparent the author is intimately familair with the subject. The reader is introduced to the Bancroft family that owned The WSJ for some 105 years and the events leading up to their decision to sell to Murdoch is both sad and funny. The events that started the discussions to sell the paper, which many thought would never happen, is outlined in detail and many of the players in this drama, and it was a drama, are fleshed out by the author and placed in context in a very helpful manner. The overall picture of Rupert Murdoch itself and his motives and actions during the purchase is worth the price of the book alone.
From lawyers to reporters; from editors to financial advisers and bankers; from the very rich and those not so lucky the book tells the story in a highly readable, responsible, and professional manner of the rise and ultimate decline of perhaps the last newspaper in America that held steadfast to a standard and set of ethics that sadly seem to be out of favor today.
This is an excellent read and highly recommended.

Ellison manages to accomplish something rarely seen in business books. She deftly describes the intricacies
of one of the most important media deals of the last ten years. But, she also manages to capture the complexities of the characters involved-- the avarice, arrogance, pride, and foolishness of human nature and the organizations we create-- with good natured wit and humor. War at the Wall Street Journal holds its on with any business book but also belongs on the shelf with Jane Austen's great works for what it reveals about people and society.

Sarah Ellison is superbly qualified to write this high-impact account of Rupert Murdoch's takeover of the Wall Street Journal; she was the WSJ reporter assigned to cover the original story, and enjoyed unprecedented access to all the players; her reporting is hard-hitting, compelling, and clear.

The book explores in fascinating detail the complex family and business relationships and interests involved in the deal, the larger context of internet vs. print media, and the substantial changes that the venerable paper's new owner has made to its format and content.

Ellison's reporting is as close as most of us will ever come to the art of the deal, Rupert Murdoch style. If you're a biz junkie who enjoys reading about the family and corporate dramas of the rich and famous, this book is for you.

I hesitated before buying this, because I'd followed the original coverage of Murdoch's purchase of Dow Jones very closely in the news, and also read Michael Wolff's, The Man Who Owns the News: Inside the Secret World of Rupert Murdoch. However, I'm now glad I bought and read this book. It's a better book than "The Man Who Owns the News" (though it has less detail on Murdoch himself and his team). Also, unlike the twist-and-turns of the daily news coverage of the takeover -- this book sticks to the main highlights of the story (which is a good thing). Finally, in addition to just telling the story of the takeover, this book talks about the first year of ownership under Murdoch, and how the Wall Street Journal has started to change. The book also foretells the current war between the Journal and the New York Times, as the Journal steps up coverage of New York.

Like some other reviewers here, this disclosure: I'm also a former employee of The Journal (are we the only ones reading the book? I hope not). I worked there under what I guess would be considered the "old days," and worked with several of the folks mentioned and interviewed for this book. In my opinion, this passage from Ellison's book is one of the best short descriptions of the "old" Journal that I've read: "Traditionally, the paper had been a newsroom of midwesterners in the center of New York, a group happy to exist outside the glamor of the city. The Journal was well read in flyover country and in the investment banking corridors of Wall Street, but among the literati and the culture set of Manhattan, it was viewed with a certain disdain, almost as if it were a trade paper. The reporters and editors often thought that was part of the beauty of the place. The Journal told its readers stories they never knew they wanted to hear...Murdoch wanted to wipe all that away."

Well, he has. Like most readers of the Journal, I'd noticed lots of incremental changes since the ownership battle, but never really stepped back to take a look at the overall picture. Now reading this book has caused me to take a step back with some perspective, read through the most recent issue, and realize that the "old" Journal might, indeed, be gone. It's now a very good general national newspaper, with a great business section, and other sections (sports, the arts, etc.) that are still below the standards of the New York Times but coming along quickly.

As I write this, one of the biggest business news stories of recent times is unfolding (the Gulf of Mexico oil spill) and I keep waiting for the in-depth, Journalesque reconstruction of events, or in-depth interviews with oil patch technical experts. I'm not really seeing it -- I'm seeing the Journal follow the pack. In fact, the 2 or 3 best stories I've read in recent days have been in The Times, not the Journal. Overall, I'm not sure that makes the Journal a *worse* newspaper, just different -- newsier, more mainstream, and less interested in covering business and corporations in depth. What's missing? The stories that "readers never knew they wanted to hear."

One of the concerns with the Murdoch takeover -- a concern that the reporters of the Journal obsessed over in their coverage -- is whether Murdoch would bring a conservative, Fox-news-like slant to news coverage under his ownership. I'll let journalism professors figure that one out (Murdoch hates journalism professors, by the way, according to this book). But the book itself claims that under new ownership, management is now hyper-focused on rooting out liberal bias from the paper, excising quotes from "liberal" sources and playing up the opinions and "facts" presented by conservative sources (for example, one of the lead quotes in the obituary of Edward Kennedy was supplied by Rush Limbaugh).

What this book resolves for me, though, is the question of whether there was any alternative to the Murdoch takeover. Going way back to the "old days," it was always pretty clear that the management Dow Jones could go in two directions: 1. Go much harder and deeper into the world of electronic financial and business news gathering or 2. Become a better, newsier, flashier "general interest" newspaper.

Choice number 1 never happened: It was pretty clear that over the years Dow Jones had let the world pass it by, taking medium-sized steps to enter the electronic age, and botching several of them (like Telerate), while competitors (most specifically Reuters and Bloomberg) ran rings around it in serving the needs of the financial community. So now it's up to Murdoch and his team to pursue option number 2, turning the Journal into a general interest newspaper. It's not been a good financial decision (News Corp. has already written off most of the $5 billion that it paid to acquire Dow Jones), but it will certainly be interesting to see how it works. No longer content to be a discerning business person's "second newspaper," the Journal now aspires to be the "first," in an age when fewer and fewer people even read newspapers.

In any case -- this book is a good, streamlined retelling of the Journal story. A good book for readers who like business takeover stories; a must read for people interested in the future of journalism.

This book reads like a detective story, except it is real, at least to some extend. Combining a great writing skill of Sarah Ellison and an intriguing behind the scene stories of the Wall Street Journal families, this book sticks to your hand until you find your other tasks being pushed behind. It also opens your eyes into the lives of the elites and expend your horizon to how the big games are being played. Of course, it leaves you with an imaginations of how your life is affected by these big gamers.

Overall, it's a book you don't want to miss.