From WNYKINYC in New York, this is NPR's On the Media.

Bob Garfield is away this week.

I'm Chris Bannon.

And I'm Brooke Gladstone.

The deal is done.

Murdoch is buying the Bankroft's Wall Street Journal.

Here's MSNBC's Keith Olderman.

At some point, fear of Rupert Murdoch's reputation may overcome the lure of his money.

Didn't in my case.

Then our third story on the countdown, not yet.

Murdoch will now add to his media empire and newspaper with the second highest circulation in the United States.

The deal, as of this hour, is officially done.

It's just been approved by the boards of both Dow Jones,

publishers of the Wall Street Journal and News Corp,

which is Murdoch's corporate name.

Is the sky falling in journalism land?

Mark Jerkowitz, associate director of the Project for Excellence in Journalism,

says not necessarily.

There's more to Murdoch than Fox News in the New York Post.

Rupert Murdoch is not a Johnny Come Lately to the American newspaper market. He has owned a series of American newspapers in cities from San Antonio to Boston to Chicago. And there are two things that are notable about them. One is they don't all fit into a cookie-cutter

mode. Rupert Murdoch for a while owned the Village Voice, the granddaddy of the liberal

alternative press in the United States and did not under his tenure change its attitude

...