Dow Jones Board Takes Over Proposed Sale Talks
June 21, 2007 at 12:39 PM (PT)
The DOW JONES talks are heating up as the company's board announces that it is taking over talks on the proposed sale of the company, reports the WALL STREET JOURNAL. The controlling shareholders, the BANCROFT family, have been handling the talks to date, and the board was reportedly frustrated with the deliberate pace of the deliberations.
RUPERT MURDOCH's NEWS CORP. has offered $5 billion for the company, which owns the WALL STREET JOURNAL, BARRON'S, and the WALL STREET JOURNAL RADIO NETWORK, and the board's assumption of the determination of the company's future may pave the way for MURDOCH to take over. The BANCROFT family could still veto a deal; it has composed a set of rules to safeguard the JOURNAL's editorial independence and is asking the board to review the standards.
GE Says No To Bid With Pearson
And GENERAL ELECTRIC has announced that it will not proceed with a partnership with PEARSON PLC to bid on DOW JONES. The statement said that GE and PEARSON would continue looking into the possibility of PEARSON's FINANCIAL TIMES and GE's CNBC working together, but the parties will not partner in a bid to compete with MURDOCH for DOW JONES.