Just last month, News Corp.'s Daily Telegraph, Sydney's largest newspaper, devoted more than half its front page to News Corp.'s own plan to lower carbon emissions. An accompanying editorial proclaimed that Mr. Murdoch "has never set a standard more worthy of following."

Shown a copy of the Daily Telegraph stories, Mr. Murdoch laughed, and said, "I don't know anything about that. And we sure didn't do that in the [New York] Post, which I'm closest to." Asked if the Sydney paper's coverage that day was in effect promoting News Corp., he replied, "Absolutely. Shouldn't be. That's bad."

EDIT: Glaring typo fixed in title ("by" instead of "buys")

The editorial page has been misleading business leaders for some time. Maybe now it will just make it obvious.

Yes, but the WSJ's news reporting is highly regarded (and is run by different people than those who run the opinions page). If News Corp obtains the WSJ, that news quality will be flushed down the toilet.