It looks like the Dirty Digger has won his battle to take control of The Wall Street Journal. Unlike many people I don't believe this means the sky will fall. I've written about Rupert Murdoch and the gruesome Bancrofts here and here.
Shorter version: Rupe has no incentive to change the Journal's newsroom structure and every reason to keep it the way it is. Does this guarantee he won't fiddle with it? Certainly not, but there's no such thing as total editorial independence from owners' whims anyway so suck it up suckas and make the most of having a boss who loves (and understands) newspapers and is prepared to invest in them for the long haul.