Bancroft family to meet with Murdoch |
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Fri, 01 Jun 2007 00:56
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NEW YORK (AP) - The controlling shareholders of Wall Street Journal publisher Dow Jones & Co. said late Thursday that they would consider a bid from media mogul Rupert Murdoch to buy the company, as well as other potential offers.The Bancroft family said in a statement that it would meet with Murdoch to discuss his bid, which became public in early May. The statement shows a softening of the position of the Bancrofts, who had previously indicated that they intended to block Murdoch' bid for the company.The Bancrofts said the family are mains resolute in its commitment to preserve and protect the editorial independence and integrity of The Wall Street Journal,' but had also concluded that 'the mission of Dow Jones may be better accomplished in combination or collaboration with another organization, which may include News Corporation.'Despite the Journal's tremendous clout in the business world, Dow Jones remains a relatively small company compared with large media operators such as Murdoch's News Corp., whose operations such as Twentieth Century Fox, Fox News Channel and MySpace span the globe. The $5 billion offer that Murdoch made for Dow Jones could easily be paid out of News Corp.'s cash stockpile.Murdoch has said he would invest in the Journal and ensure its editorial independence, something that the Bancroft family as well as employees of Dow Jones say is paramount to the company's mission.However, the union representing Journal employees has been steadfastly opposed to Murdoch's overture, saying he would likely damage the paper's quality and compromise its independence.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Murdoch promises Bancrofts a board seat 