New's Corp's proposed $5 billion acquisition of Dow Jones is coming under fire as the federal communications regulator said the deal raises competitive issues and may not be in the best interest of the public.
Michael Copps, a commissioner with the Federal Communications Commission, is asking Chairman Kevin Martin to investigate as to whether the deal between Rupert Murdoch's New's Corp. and the parent company to the Wall Street Journal will negatively affect competition in the media industry.
It will create a single company with enormous influence over politics, art and culture across the nation and especially in the New York metropolitan area, Copps wrote in a letter to Martin.
Copps,has previously criticized the deal, saying it means more media consolidation and fewer independent voices.
News Corp. owns the New York Post, Fox Television, and other media outlets across the country.