Five years ago, Rupert Murdoch sat down at his computer and spent a few minutes watching a movie made by two journalism students. When he rose, he proclaimed that “he and his fellow newspaper proprietors risked being relegated to the status of also-rans if they did not overhaul their internet strategies.”

Then he bought MySpace and the WSJ. He also bought a locket with Matt and Robin’s picture inside.

But now, instead of following the clear lesson of that movie – that is, merging these two properties to make WallSpace? MyStreetLiveJournal? – he just might out-grey-lady the Grey Lady by contending to become King Cash on Paywall Mountain.