Rupert Murdoch confirmed today the launch of a New York edition of the Wall Street Journal, due in April. The New York Times hasn't had a lot of competition lately in terms of its physical paper advertising, but how wise is it to start a venture with an almost-dead business plan in a market that can barely even support your existing competition? Here is Murdoch doing some shit-talking:

"We're adding a whole new section and taking on reporters and editors," Mr. Murdoch [said]. "We believe that, in its pursuit of journalism prizes and a national reputation, a certain other New York daily has essentially stopped covering the city the way it once did. In so doing, they have mistakenly overlooked the most fascinating city in the world — and left the interests and concerns of people like you far behind them. I promise you this: The Wall Street Journal will not make that mistake."

At any rate, this will be an interesting battle.