In light of News Corp.'s (NWS) release of earnings tomorrow, I want to take a moment to discuss the recent news around NWS and their bid for the Dow Jones (DJ). After months of tense negotiations with the Bancroft family, the controllers of Dow Jones, and in turn The Wall Street Journal, appear to have finally acquiesced to Rupert Murdoch's $5 billion cash offer for their company. This decision came after the publisher of the Journal wrote a letter to subscribers telling them that a majority of the Bancrofts now support the deal that will give control of Dow Jones to News Corp. This deal will end the Bancrofts' more than one hundred years of independent ownership of Dow Jones.

This is a monumental moment for Rupert Murdoch, for whom The Wall Street Journal has been an object of admiration and downright lust in his quest to expand his media empire into the business and financial space. Ever the shrewd businessman, I am confident that Murdoch will maintain the editorial independence of Dow Jones -- this being of pivotal importance to the maintenance of the company's hallowed brands. Time will tell if I am right.

Under Murdoch's strategic care, the future of the Dow Jones stable looks bright. He will surely expand efforts to move the papers into the digital realm, invest to expand media coverage, and take other newspaper behemoths like The New York Times head on. And, of course, the brand will be featured prominently on his new Fox Business Channel, which will be launched later this year.