ABC News reports that Murdoch’s offer has been rejected. Nevertheless, the deal brought up some serious issues that Americans should paying more attention to. A small but vocal cadre in Congress does want to use the FCC and the Fairness Doctrine to target conservative influence in the media, most especially in the medium of talk radio.

I e-mailed Adam Thierer for comment on this issue. Thierer, of the Progress & Freedom Foundation, recently wrote about this threat in City Journal. He responded to my inquiry:

There are no direct cross-ownership issues that I am aware of [regarding a News Corp.-Dow Jones merger], but never underestimate the ability of Congress or the FCC to exert influence in some other way. As with every other media ownership issue out there, every deal opens another chance for policymakers to engage in regulatory blackmail and extract concessions somehow.

The News Corp.-Dow Jones deal might be off the table, but left-wing efforts to curtail media freedom aren’t going anywhere.