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The Wall Street Journal is controlled by Rupert Murdoch via Dow Jones Publications, which in turn is owned by Murdoch's News Corp. Murdoch owns a controlling 39.4% voting stake in both News Corp and 21st Century Fox. News Corp purchased the newspaper for $6 billion in 2007 from the Bancroft family. It is a conservative, business-oriented publication, but it is less overtly political than Murdoch's other major media outlet, Fox News.

Murdoch inherited a small chain of Australian newspapers from his father. He grew the business domestically for several years, before expanding into Britain in 1968. He bought several tabloids, including the News of the World and Sun, before beginning his expansion into the United States in 1973. He owns the Times of London, New York Magazine and the Chicago Sun-Times. Additional holdings include Sky UK Limited, the largest digital subscription company in the United Kingdom, and 21st Century Fox.

The Wall Street Journal's editorial page has long been anti-tax, anti-government regulation and staunchly opposed to health care reform in the U.S. However, the news reporting is generally considered to be fair and objective. This is in marked contrast with Murdoch-owned Fox News and Fox Business network, both of which are run by former political consultant Roger Ailes and are widely considered to be the voice of the right wing of the Republican party in the U.S.

Effective July 1, 2015, 84-year-old Rupert Murdoch elevated his sons James and Lachlan to executive positions at News Corp and 21st Century Fox. There has been speculation that the younger generation is less conservative than the older one. James' wife, Kathryn Hufschmid, works for the Clinton Climate Initiative, which is part of the Clinton Foundation. It remains to be seen what effect, if any, the political views of Murdoch's sons will have on the Wall Street Journal and Fox News.

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