Dow Jones that owns Wall Street Journal, MarketWatch and Barron’s Magazine has been acquired by News Corp, a group popularly known for MySpace, New York Post, Fox and the Star TV channel in India.

News Corporation can hire and fire the top editors and publishers; but a nominally independent five-person committee will have the right of veto on these decisions.

John Furrier of Podtech expects to see a mass exodus of professionals hitting the web as their own businesses.  Walt Mossberg and Kara Swisher are already doing it with All Things D and the D Conference. 

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Update: Linda Dunbar of Dow Jones has issued a comment that the story is incorrect.