Murdoch, Bancrofts have plenty to gain — and lose
MarketWatch media columnist Jon Friedman writes Wednesday that both News Corp. CEO Rupert Murdoch and the Bancroft family that controls Dow Jones & Co., the parent company of The Wall Street Journal, would stand to benefit if News Corp. did buy Dow Jones.
They also have plenty to lose.
Friedman wrote, “The media have speculated about whether the Bancrofts will ultimately part with Dow Jones, at any price. But the speculation has largely been futile. The family is famously divided on this issue and said to contain factions upon factions.
“I’m wondering how long it will take for the family to reach a decision. At what point might Murdoch throw up his hands and say, ‘The hell with it?’
“As in all high-profile mergers and acquisitions, the dealmakers’ egos are on the line as much as anything. Murdoch, who has made a career out of sticking a finger in the media establishment’s eye all over the world, would love nothing more than to do it one more time.
“Despite his wealth and global success, Murdoch has long been treated like an outsider in the parlor of the U.S. media elite This must make him smile inwardly, for he knows that while ‘serious’ journalists snicker at the sensational New York Post headlines, they’re also eagerly thumbing the paper’s pages to find Page Six, the delicious gossip sheet.”
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