Steve Yount, the president of the union that represents business journalists at The Wall Street Journal, Barron’s, Marketwatch and Dow Jones Newswires, says in a statement to members that the $5 billion offer to purchase Dow Jones & Co. from News Corp. CEO Rupert Murdoch must be opposed to protect quality journalism.
Yount wrote, “We believe it’s in the economic interests of IAPE members for Dow Jones to remain an independent company. The future prosperity of this company– and the viability of your job– depends on the ability of Dow Jones to produce content of unquestioned quality. Any threat to that quality is a threat to your job. Just as IAPE warned that the cost-shifting efforts of Rich Zannino posed a threat, we warned that the journalistic reputation of News Corp. posed a threat.
“But aside from the journalistic concerns, there’s another calculation that threatens your personal bottom line– your job: With a world wide network of newspapers and broadcasting operations News Corp. already has its own sales force, IT division, support personnel, customer service, payroll and hundreds of reporters around the world. People who are doing the same job you’re doing right now– and probably for less.
“IAPE exists solely to protect your economic interest at Dow Jones: your job, your benefits, your money. We believe a News Corp. take over would threaten it all. It’s our job to do all we can to protect your interest– do everything we can to save your job — and if that means we need to round up billionaires to keep Dow Jones independent, then that’s exactly what we have to do.
“But the focus has never changed. Everything we’ve done– from the accountability on spending to recruitment of stewards to membership meetings to organizing MarketWatch and Harborside– has been to put us in a stronger position to win you a Quality Contract– and that effort continues.”
