Last night, I read the story in the Wall Street Journal that was breaking news. The WSJ, owned by Rupert Murdoch, had somehow obtained a leather-bound book presented to Jeffrey Epstein for his 50th birthday. In it was a “bawdy” note from Donald Trump that hinted at their common interests.

Brian Stelter, CNN’s media expert, wrote about the reaction in the media. Most commentators jumped on the story. FOX News hosts were silent.

Stelter wrote:

At a time when other media outlets are hesitating and capitulating, Rupert Murdoch and the Wall Street Journal just stood up to President Trumpand scooped one of the biggest political stories of the summer. The print headline on Page One today reads “Trump’s Bawdy Letter to Epstein Was in 50th Birthday Album.” It is, of course, the most-read article on the Journal’s website.

And yet… Murdoch’s Fox News has not mentioned the story once. So let me take a stab at answering all the questions I’m getting about the media mogul and his role. 

Murdoch, age 94, wants to have it both ways. He wants to be a newsman (that’s how he sees himself) but also needs to be a businessman. He wants a muscular Journal breaking big stories but he also needs Fox News to keep printing money for his family and other shareholders.

It’s been readily apparent for years that Fox succeeds when it is The Trump Show. So Fox does what it does, ignores what it ignores. But Murdoch, who has always cared most of all about old-fashioned newspapers, derives satisfaction and a sense of power from the Journal.

We wrote all about the operatic relationship between Murdoch and Trump in this CNN.com story overnight. I think this quote is quite telling: “Rupert loves to poke the president in the eye once in a while,” an executive who has worked with him closely told me.

Trump: I’m going to ‘sue his ass off’

Trump is, of course, taking this very personally. “I told Rupert Murdoch it was a Scam, that he shouldn’t print this Fake Story. But he did, and now I’m going to sue his ass off, and that of his third rate newspaper,” he wrote on Truth Social.

Trump’s post confirmed rumors that had been swirling in political and media circles for two days: namely, that the White House was trying to kill a damaging WSJ story. Trump said he personally spoke with both Murdoch and WSJ editor Emma Tucker.

As for a lawsuit, well… we’ll see, but no suit will take this story off the internet. The timeline is worth revisiting here. The WSJ approached Trump for comment on Tuesday. Trump derided the Epstein scandal as a “hoax” on Wednesday. 

As I said on “The Source with Kaitlan Collins” last night, his well-trodden “hoax” talking point was a direct response to his concern about the looming WSJ report. Trump uses the word “hoax” to shut down conversation and discourage critical thinking; to tell his supporters to just ignore something altogether. TBD on whether it’ll work this time.

 >> Inside Dow Jones HQ: After the story landed, Journal staffers expressed pride in their colleagues and in the publication for running the report despite the president’s attempt to squash it. There’s a real sense that publishing was an act of bravery…

 >> BTW, WSJ has no comment on the lawsuit threat. Trump seems empowered by his settlements with Paramount and other media companies…

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Not part of Stelter’s commentary:

The note from Donald to Jeffrey:

The typewritten note was an imaginary conversation between Donald and Jeffrey, inside the outline of a naked woman.

“Voice Over: There must be more to life than having everything,” the note began.

Donald: Yes, there is, but I won’t tell you what it is.

Jeffrey: Nor will I, since I also know what it is. 

Donald: We have certain things in common, Jeffrey. 

Jeffrey: Yes, we do, come to think of it. 

Donald: Enigmas never age, have you noticed that? 

Jeffrey: As a matter of fact, it was clear to me the last time I saw you. 

Donald: A pal is a wonderful thing. Happy Birthday — and may every day be another wonderful secret.