The Bancroft family said today:
We will meet with Rupert Murdoch to discuss his $5 billion bid for Dow Jones.
We will consider other bidders and options for the company.
“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.”
Well, they want more money.
And they will get more money.
From Murdoch.
Or from The New York Times.
Be ready for the white knight.
And if you have shares of Dow Jones, keep them.
You will make more money than you expected.
At the end of the day, this is Wall Street.
This is business.
Not charity.
Money talks.
Journalists listen.
Following a special meeting of the Board of Directors of Dow Jones & Company held at the request of the Bancroft Family directors, the Family today issued this statement:
“As we have been since 1902, the Bancroft Family remains resolute in its commitment to preserve and protect the editorial independence and integrity of The Wall Street Journal, as well as the leadership, strength and vitality of The Journal and all of the other publications and services of Dow Jones.
“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.”
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