It seems Rich has been talking to someone who doesn’t know better. Most merger negotiations carry with them an intended high degree of confidentiality, especially if one of the companies is publicly traded. In revealing the fact that he’s hearing from an associate of an investment banker involved in the negotiations Rich has put this person, and the investment bank in a tough position, not to mention, possibly himself.
But Rich may also have created a situation that is murkier. The Shield Law protects journalists from having to protect their sources, but already their is a movement in D.C. to create one that excludes blogger. As publisher of a magazine Rich employs journalists, but he may find himself one day being hauled before the SEC as they as “who told you.”
Protecting one’s sources is key in journalism. In opening the kimono and unbuttoning the shirt, Rich has teased more than the blogosphere I bet.