LinkedIn (News - Alert) is getting a new competitor from, of all places, the Wall Street Journal. Yes, the news publication is ready to launch a social network of its own, creating a network and messaging service for professionals.

It’s no surprise or secret that social networks are the big thing right now. Even with Google+ lingering around as a solid “Meh, it’s something,” the big sites such as Facebook, Twitter (News - Alert), and LinkedIn are constantly facing competition from rising stars such as Tumblr (which Yahoo recently purchased) and Pinterest. So now Rupert Murdoch’s News Corporation is ready to get into the game with a social network of its own.

The social network is being advertised as a platform for “like-minded people” to meet, while an instant messaging service is also being offered for financial clients. Admittedly, News Corp. has had some experience with social networking, given its investment in MySpace (News - Alert), but it also should have learned how hard it backfires when said network dies.

While the publishing company is debt free and still quite wealthy, it took quite a few write-downs on its publishing assets in previous quarters due to the declining sales of newspapers. Perhaps it hopes to make up for those losses with a successful social network, but launching a new one is always risky business.

LinkedIn holds a unique spot among social networks as one designed specifically for business professionals, employees, and those looking for work. While other social networks may include a spot for employment history, LinkedIn is made to showcase one’s experience and act as an online resume of sorts. That means it doesn’t have much in the way of competition at the moment, but News Corp (News - Alert). might end up changing that.

Should this new network launch successfully, it may actually pose a threat to LinkedIn, but the site is currently so large that it will unlikely be harmed by the emergence of a competitor. This isn’t a David and Goliath story; this is the Greek mythological origin story of Gods versus Titans, although my money is currently on the Titans. Still, News Corp. certainly has a plan and we will see just how it plays out.