(Reuters) - Murdoch, the chief executive of global media conglomerate News Corp. , has long coveted the publisher of the Wall Street Journal newspaper, seen as one of the world's most reputable business news source.
But it was not until News Corp. planned to take on General Electric Co.'s CNBC channel with the upcoming Fox Business Channel, that Murdoch rationalized offering to pay $60 per share, a 65 percent premium, for an "economically stagnant" newspaper publisher, Time reported on its Web site.
Read more at Reuters.com Mergers News
But it was not until News Corp. planned to take on General Electric Co.'s CNBC channel with the upcoming Fox Business Channel, that Murdoch rationalized offering to pay $60 per share, a 65 percent premium, for an "economically stagnant" newspaper publisher, Time reported on its Web site.
Read more at Reuters.com Mergers News
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