The rumor concerning Rupert Murdoch winning big over Yahoo in a possible trade of MySpace (valued at $580 million) for 30 percent of Yahoo (valued at roughly $11 billion) is still just a rumor, but The New York Times smells something else brewing in Murdoch-land. According to The New York Observer, The Times is putting together a major investigation of the media mogul led by some of the paper’s top reporters.
It’s not clear what the paper is looking for, but it's reasonable to assume that Murdoch’s well-publicized interest in The Wall Street Journal was the spark that got the ball rolling on the story. Murdoch has been under the microscope dozens of times, so The Times finding anything newsworthy is a long shot. The Times’ Jill Abramson told The Observer, “[NY Times Editor Bill Keller] has asked me to lead an investigative project for the next month, which I’ll mainly do from home. It involves a group of domestic and foreign reporters, but I obviously can’t tell what it is.”
