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Article

Title: Bancrofts Stay Cool to Murdoch

Author: Karnitschnig, Matthew Article Type: Company
Source: Wall Street Journal, v249 n113 pA3(1) Publication Date: May 15, 2007
  ISSN: 0193-2241
URL of Publication: http://www.wsj.com

Members of the Bancroft family gathered in a conference call to talk about Rupert Murdoch's bid for Dow Jones & Company, which they control. Murdoch's News Corp. offered $5 billion for Dow Jones, or $60 per share. The Bancrofts control 64 percent of the voting power of shareholders of Dow Jones, however, and they have not responded to Murdoch's call for a face-to-face meeting. This has raised doubts about the media mogul's success in acquiring control of the firm. In his latest attempt to woo the Bancrofts, Murdoch sent a letter discussing a series of commitments, which included providing the Bancrofts with a seat on the board of News Corp. and promising to protect the editorial integrity of the Wall Street Journal and other editorial properties of Dow Jones. Murdoch attempted to address a critical concern of the Bancrofts, which involves the continuing editorial independence of the Wall Street Journal. Murdoch has portrayed himself as worthy of the journalistic legacy of Dow Jones and as a person with the expertise to ensure its future success. He did not raise his $5 billion offer for the company, however, but he did request a meeting with the family and the directors and employees of Dow Jones so he could make his case for the acquisition to them directly. The letter from Murdoch heightens pressure on the Bancrofts and is likely to keep them discussing the issue.

Companies:
Dow Jones & Co Inc News Corp

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