News Corp./Dow Jones: Deal in doubt?
The New York Times’ Richard Perez-Pena and Andrew Ross Sorkin write about new wrinkles that could torpedo the sale of Dow Jones to News Corp…or cinch it…
The deliberations of the Bancroft family over whether to sell the publisher of The Wall Street Journal to Rupert Murdoch’s News Corporation took several bizarre turns yesterday as family members switched sides, sniped at one another and even sought to change the terms of the offer and of their own family trusts.
William C. Cox Jr., one of the Bancroft family elders who control Dow Jones & Company, publisher of The Wall Street Journal, has switched positions and now favors the sale, a person close to the family said yesterday.
Adding confusion to an already murky vote, some representatives of the so-called Denver trusts, which control about 9 percent of the company’s voting shares, are holding out for a higher price than the $60 a share that the Dow Jones board agreed to accept, said people briefed on the matter, who asked not to be identified because they were not authorized to discuss it publicly.
This is turning into a Soap Opera. You know like Dynasty or Falcon Crest or Dallas. I don’t know that Murdoch is going to keep pursuing this and you know they are getting a good offer. Are they trying to squeeze more money out of the Wallaby, he doesn’t have all that money, from making bad business decisions.
Comment by Ree — July 28, 2007 @ 5:22 pm
Ree is absolutely right. There have been no other offers, considering the high bid by Murdoch. Remember GE, which owns NBC, and Pearson, which publishes the Financial Times out of London, did not even make an offer. The NY Times, which has been trying from the outset to harpoon this deal,
does not have the money, and it’s steadily declining in ads and circulation. If I were Murdoch, I would get out and say P..s on the Bancrofts opposing the deal for being so hypocritical. They will never get a lucrative deal like this again.
Comment by RGL — July 28, 2007 @ 11:50 pm
Murdoch will turn the WSJ into a Jerry Springer like tabloid fest.
Comment by Macjoubert — July 29, 2007 @ 12:50 pm
Macjoubert, Murdoch wouldn’t to do anything that would weaken the Dow/WSJ name. What do you think he would gain by doing so? It is in his best interest to maintain (if not raise) the standards already established as he prepares to launch the Fox Business Network in October. And the Bancrofts have successfully proven that they can’t manage their own family, much less their company.
Comment by Caufield — July 30, 2007 @ 3:54 am