I don't think there is a legal or regulatory question here. But there should be.
Murdoch's properties are not that important to the Google experience or revenue stream. So it's Murdoch's loss to gamble on BING. BING is all about shopping, so WSJ would be an odd fit over there.
Basically, Murdoch is just bluffing and blustering while trying to get a better global deal from Google.
It does point out the need for search-standard regulations because if it were to succeed and spread, the fracturing of Web content among exclusive deals with search engines would severely disrupt the quality of the overall Web.
The Googlization of Everything is excellent, but uneven. Occasionally the opinions are simply headline grabbing, but I still read this blog, and you should too!