Bancrofts Will Talk To Murdoch About Dow Jones Bid
May 31, 2007 at 5:12 PM (PT)
The BANCROFT family, controlling shareholders of DOW JONES AND CO., announced late THURSDAY that it will meet with RUPERT MURDOCH's NEWS CORP. to talk about MURDOCH's $5 billion bid for the company and will also entertain other bids.
The family issued a statement that said, "Since first receiving the NEWS CORPORATION proposal, the family has carefully considered and discussed among ourselves and with our advisors how best to achieve that overarching objective, while serving the best interests of the company's various constituencies.
"After a detailed review of the business of DOW JONES and the evolving competitive environment in which it operates, the family has reached consensus that the mission of DOW JONES may be better accomplished in combination or collaboration with another organization, which may include NEWS CORPORATION.
"Accordingly, the family has advised the company's board that it intends to meet with NEWS CORPORATION to determine whether, in the context of the current or any modified NEWS CORPORATION proposal, it will be possible to ensure the level of commitment to editorial independence, integrity and journalistic freedom that is the hallmark of DOW JONES.
"The family also indicated its receptivity to other options that might achieve the same overarching objective."
The BANCROFTS have previously indicated that they would reject MURDOCH's offer, but the latest move opens the possibility that MURDOCH may yet end up with the company, which owns BARRON'S and the WALL STREET JOURNAL RADIO NETWORK along with the WALL STREET JOURNAL itself, and opens the door to competing bids.