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This is just like what happened with the London Times when he bought it. He was hoping for prestige; instead, his trashing of the paper -- it's nothing more than News of the World with a posher typeface -- has reflected badly upon him. And if/when he gets the WSJ, he won't get any respectability -- instead, he'll destroy whatever respectability the WSJ currently has.
Let Murdoch have the dead-tree physical plant. Nobody will pay for the WSJ when its news content is as worthless as its editorial section -- and then Murdoch will be stuck with an expensive building full of expensive and high-maintenance machinery.
But I can see the axed reporters banding together to form their own news service. If they do it right, they won't even need a "home office" -- they can stay in touch online. The beauty of this is that the people Murdoch's most likely ax are the ones who are the best reporters.
