WSJ takeover:

If we were in any other business, a risky takeover of a powerful competitor might lead to celebration. Not in our business. Good journalism, which is an essential part of a democracy, thrives on competition. More than anything, competition makes our work better — more ambitious, more in-depth, more honest. When people are served by many different, responsible, competing news outlets, they can make more informed

judgments. That is why we, and so many others, are paying such attention to

Rupert Murdoch’s purchase of Dow Jones & Company and its crown jewel, The Wall Street Journal.

For years, The Journal has been the model of a responsible and challenging competitor, not just in business news but also in its investigative reporting. Just this year, The Journal won two Pulitzer prizes: for its reporting on business executives unfairly enriching themselves with backdated stock options; and for articles on the high social and environmental costs of China’s rush into capitalism. Coverage like that drives us all to work harder . The best way for Murdoch to protect his $5 billion investment is to protect The Journal’s editorial quality and integrity. That will mean continued high-quality competition for The Times and other news organisations. And that will be good news for all Americans.