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Updated: Murdoch Comes Out Swinging On DJ; Defends Deal; Not Giving Up On Newsday

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Rupert Murdoch is intent on changing the Street’s image of News Corp’s (NYSE: NWS) investment in Dow Jones and he’s using today’s earnings call to make the case that the acquisition — small for News Corp but “potentially transformative on many levels” shouldn’t be seen as an investment in newspapers. “That is not our intent nor is it factually correct. What’s being lost in all this chatter is a crucial fact — it’s not just a global newspaper.” Murdoch thinks people may be surprised to hear that the Enterprise Media group, which includes Factiva, contributes by far the most in revenue and growth.

Murdoch, who spent most of the last year talking about doing away with paid access to, wound up bragging today about the site’s 1 million-plus paying subs. And, he added, “We’ve got to keep all this in perspective. We’re talking only about the first full quarter … This is destined to be an extra-inning game, to use an overly-used metaphor; we