But is it Fox News or even anything approaching Fox News? No, and it’s not even close. You’ll know when the paper is totally gone when it becomes more of a political operation than a journalistic one.

If there’s a silver lining from this whole mess, it’s the prospect, which looks likelier by the day, that Murdoch will have to step down or be forced to sell his newspapers. Don’t buy the nonsense that Murdoch is the only person willing to invest in The Wall Street Journal without gutting its newsroom.

He was the only one willing to overpay by $3 billion or so back in 2007, and News Corp. had to write down that overpayment fourteen months later. You’d have to guess the going price today would be something closer to $2 billion and maybe even lower. No one could hope to make a profit buying Dow Jones for $5.6 billion, but shave two-thirds off the price and I’d bet you’d have some bidders.

Although the idea of Bloomberg or Reuters, say, further consolidating the business press wouldn’t thrill me, either would be a far better home for Dow Jones than inside News Corporation. Even better would be Jeff Jarvis’s idea of Rupert setting it up as an independent trust like The Guardian “to rescue the last shred of his legacy.”

Hey, one can dream.

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.