Bancroft family agrees to meet with News Corp.

The Wall Street Journal is reporting that the Bancroft family that controls its parent, Dow Jones & Co., has agreed to meet with News Corp. executives who have offered $5 billion to purchase the company, according to a statement from the family.

Sarah Ellison, Dennis Berman and Susan Pulliam wrote, “The statement, set after a special meeting of the company’s board, said: ‘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 Corp.’ (Text of statement)

“The Bancroft family will meet News Corp. ‘to determine whether, in the context of the current or any modified News Corp. 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,’ according to the statement. A representative of the company’s board will be present at those discussions, leaving room for the board to play a more active role than it has so far.

“The family also said it was receptive ‘to other options that might achieve the same overarching objectives.'”

Read more here.

Meanwhile, Dow Jones issued a statement that said in part: “In light of this information, the Board of Directors has determined to consider strategic alternatives available to the Company, including the News Corporation proposal. The Board of Directors also indicated that a representative of the Board of Directors would be present at the Bancroft family’s discussions with Mr. Murdoch and News Corporation. There can be no assurance that any transaction or other corporate action will result from this exploration of alternatives or that the Board of Directors or the members of the Bancroft family will support any specific proposal received by the Company.”