• The Wall Street Journal, Thursday, June 11, 2009 9:30 AM

News Corp. is nearing a deal to sell the Weekly Standard, a magazine about conservative politics, to Denver billionaire Philip Anschutz, say insiders. At News Corp., a stand-alone magazine like the Weekly Standard isn't considered a core asset. The potential sale price was unknown, as well as when a deal may be completed.

Anschutz is an oil, railroad and media investor known for supporting conservative Christian causes. In September, he was named the 36th richest American by Forbes with a net worth then of more than $8 billion. His company, AEG, owns and operates some of the biggest sports arenas in the country, as well as numerous sports franchises such as the Los Angeles Kings and a few production studios. Buying the conservative political magazine is seen as a way he could boost his political influence.

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