According to the Financial Times, General Electric is not going to challenge Rupert Murdoch’s $5 billion bid for Dow Jones. GE/NBC was going to make a counter-offer in cooperation with Microsoft, but apparently they decided to not bid on Dow Jones. Rupert Murdoch’s news and media empire is huge already, but if he will indeed acquire Dow Jones/Wall Street Journal this will leave his media company in an even more powerful situation. Murdoch had already bought MySpace.com for $580 million. Imagine the possibilities if Murdoch’s News Corp. started to migrate from the traditional media to the Internet full-time, or if it started to merge all services into one huge Internet-based service. The future is in the Internet and there is no way around moving from offline to online. Offline advertising spendings are already declining heavily as advertising dollars are migrating to the web. Rupert Murdoch would own one of the most valuable and most powerful companies in the world over night if News Corp.’s focus was on the online business of its companies.