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Media mogul Rupert Murdoch yesterday confirmed plans to develop the Wall Street Journal following the sale of the publication to his News Corporation.

Dow Jones & Company, the journal's current owner, announced earlier this month that it had agreed a deal worth some $5.6 billion (£2.8 billion) to merge with News Corp.

In a conference call following the publication of News Corp's fourth quarter results, 76-year-old Mr Murdoch revealed that the company was considering granting free access to the Journal's website.

The News Corp chairman also said that he intended to compete directly with the New York Times by expanding the non-business, national and international coverage of the flagship title once the Dow Jones acquisition is complete.

Mr Murdoch, who described the Wall Street Journal as "the greatest newspaper in America" said that the Dow Jones deal would provide "an immediate and important lift" to News Corp as the transition to digital forms of news continues.

The Australian-born businessman added that he expected to achieve savings "in excess of $50 million (£25 million)" as a result of integrating News Corp and Dow Jones operations.

Mr Murdoch also claimed that in his three month battle to secure the merger deal he had sustained criticism of a level usually reserved for "genocidal tyrants".

Prior to the acquisition announcement concern had been raised that Mr Murdoch, whose media empire already presides over more than 100 newspapers, would try to wield excessive influence over the editorial direction of the Wall Street Journal.

One condition of the Dow Jones deal is that a five-member panel will be established to maintain the integrity and independence of editors and journalists employed by the company's publications, including the Journal.

News Corp's acquisition of Dow Jones comes after the Bancroft Family, which has had a controlling interest in the company since 1928, agreed to part with its 64 per cent shareholding in the media group.

Yesterday it was revealed that higher advertising sales and a growth in revenue at the Fox News Channel had helped lift News Corp's fourth quarter profits by 4.5 per cent.