Rupert Murdoch is a great businessman. The Wall Street Journal is a great newspaper. Which of these reputations is likely to survive  Mr Murdoch’s prospective purchase of the Journal? Despite the high price he offers, “his” is the plausible answer.

Business magazines and business television stand on the shoulders of the few newspapers that do the reporting, and analysis, day in and day out. The Journal is the world’s leader, if only by circulation. It is also two papers in one. Its news coverage is independent, questioning and authoritative. Its research is superb and its editing professional. Meanwhile, its editorial pages are the engine of US conservatism.