Richard Perez-Pena of the New York Times writes Tuesday that the Bancroft family proposed at its meeting Monday with News Corp. CEO Rupert Murdoch that it would sell Dow Jones & Co. to him only if The Wall Street Journal could be shielded from his editorial influence.
Perez-Pena wrote, “Mr. Murdoch made clear that he would not accept the terms of the Bancroft family’s proposal, which would give a board of independent overseers the power to hire and fire top editors, according to people who were present or were briefed by participants, but, they said, Mr. Murdoch floated an alternate arrangement in the meeting, which lasted almost five hours.
“‘Both sides laid out the way they thought it should work, and neither side agreed with the other, but they’re eager to keep talking,’ said someone who was briefed on the meeting but who was unauthorized to speak on behalf of the participants. ‘It was all very pleasant on both sides, but there’s still plenty of distance between the two.'”
Perez-Pena later added, “Mr. Murdoch has said he does not intend to increase his bid. He and his representatives asked to meet again today, but the family demurred, suggesting that some directors will discuss the negotiations by phone before the two sides get together again, as soon as Wednesday but more likely in a few days.”
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