N.Y. Times: Murdoch, Bancrofts Close On Journal Editorial Independence Agreement
June 25, 2007 at 8:12 AM (PT)
The NEW YORK TIMES is reporting that advisers to the BANCROFT family and RUPERT MURDOCH are close to agreement on a guarantee of editorial independence for the WALL STREET JOURNAL if MURDOCH's bid for DOW JONES is accepted. The TIMES' sources warn, however, that the DOW JONES board and the BANCROFTS, 64% owners of DOW JONES, would still have to accept the arrangement.
The proposed deal includes putting five of DOW JONES' 16 board members on a special committee to preserve the paper's editorial independence. MURDOCH and the BANCROFTS would mutually agree to the members, who would oversee hiring of the paper's managing editor and editorial page editor; the committee would not, as previously proposed by the BANCROFTS, oversee the paper's budget and selection of the publisher.
An agreement on editorial independence would pave the way for MURDOCH's NEWS CORP. to buy DOW JONES, owner of the JOURNAL, BARRON'S, and THE WALL STREET JOURNAL RADIO NETWORK.