If you thought they'd be slowing down at Dow Jones (NYSE:DJ), in anticipation of its takeover by Rupert Murdoch and News Corp. (NYSE:NWS), guess again. The place is a beehive of activity.

On one front, Dow Jones -- which also owns The Wall Street Journal, Barron's, MarketWatch, and Factiva -- is chewing on the idea of selling its Ottaway community newspapers. Ottaway operates eight daily and 15 community papers in various U.S. locations.

In the company's most recent quarter, the Ottaway group checked in with a 5.8% year-over-year decline in revenue and only about 12% of the company's total top line. But even if the segment were blowin' and goin', it's difficult to envision a fit for it among Murdoch's array of properties. And crawling out on a limb, it appears that if the papers were to be sold together, Gannett (NYSE:GCI) or Lee Enterprises (NYSE:LEE) could be logical buyers.

At the same time, nine months before it begins publication of its glossy magazine, Pursuits, The Journal has decided to add distribution for it in Europe and Asia, each of which will have about 80,000 copies inserted in their Journal editions. Added to the 800,000 copies that will be distributed in the U.S. brings the new target circulation to 960,000 issues.

News Corp.'s $5.6 billion, $60-er-share acquisition of Dow Jones likely will be completed before the end of this year. My advice to Fools with a bent for media investments is to watch the post-acquisition News Corp. closely. I may still be in something of a minority, but I believe the iconic Journal will thrive nicely under Murdoch's practiced hand.

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Fool contributor David Lee Smith curls up daily with The Wall Street Journal and eagerly awaits Rupert's handiwork for the publication. He doesn't own shares in any of the companies mentioned, but he does welcome your comments. The Motley Fool has a disclosure policy.