Murdoch To Finance New Political Journal

Media baron Rupert Murdoch, already a major force in broadcasting, consumer magazines, newspapers and books, will start a weekly political journal, publishing sources confirmed Saturday.

The Washington-based publication, tentatively called the Standard, would be focused on current policy discussions and overseen by William Kristol, a prominent Republican strategist, and Fred Barnes, a well-known journalist and TV pundit.

Kristol, who apparently would serve as both publisher and editor-in-chief, would only say Saturday that final details had not been completed, though conclusion of a deal was likely and imminent.

But others indicated that Murdoch, who is currently in a tough fight with federal regulators over the ownership of his Fox Broadcasting, had committed to the several million dollars needed for initial financing for what aspires to be an influential, small-circulation endeavor.

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