June 28, 2007


Accord Seen on Oversight of Journal (RICHARD PÉREZ-PEÑA, 6/28/07, NY Times)

Negotiators reached an agreement in principle yesterday on protecting the editorial independence of The Wall Street Journal, an important step toward a purchase by the News Corporation of The Journal’s owner, Dow Jones & Company, people briefed on the talks said. [...]

It is not clear how the current accord differs from the conditions laid down last week by the Bancroft family, owners of a controlling interest in Dow Jones — terms that Mr. Murdoch dismissed as unacceptable. Nor is it clear whether the family, which has veto power over any deal, would accept the changes.

The elder Bancrofts, who control most of the stock, have deep reservations about parting with a company that has been in the family since 1902 and a newspaper they revere. In particular, many of them are reluctant to sell to a company whose journalism they see as sensationalist and slanted to suit Mr. Murdoch’s business interests and right-wing politics.

...who's been protecting the paper from the Bancrofts for the past 100 years?

Posted by Orrin Judd at June 28, 2007 6:57 AM
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