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Murdoch Wants a Financial Times in U.S.

January 28, 1988|Associated Press

LONDON — Publisher Rupert Murdoch said he would like to form a joint venture with Pearson PLC, owners of the Financial Times, to publish a separate U.S. edition of the newspaper, according to a report published Wednesday.

Murdoch was quoted in the Financial Times as saying he would like to compete more effectively in the United States with the Wall Street Journal, which is owned by Dow Jones & Co.

"For the Financial Times to be selling 18,000 copies a day here is ridiculous," Murdoch said. "It should be 200,000."

Murdoch said he has not made his proposal directly to Pearson's management because he was waiting for "some of the paranoia to settle" following a move by his Australian media company, News Corp., to buy a 20.4% stake in Pearson.

Murdoch has pledged not to take his Pearson stake above 24.9% and has said he would consider selling his holdings should he need money for another project.

He already controls three national daily newspapers and two national Sunday newspapers in Britain.

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