Sarah Ellison of The Wall Street Journal writes that now that Dow Jones & Co. and News Corp. have agreed on principles to protect the newspaper from interference, the measures need to be taken to the Bancroft family that controls the company.
The Bancrofts still have the final say on whether to sell Dow Jones, which owns The Journal, Barron’s, Dow Jones Newswires and Marketwatch, to News Corp.
Ellison wrote, “Now, the Bancroft family, which has controlled Dow Jones since early in the 20th century, will have to weigh in. The two sides still have not come to an agreement on price, and a decision on whether to complete an overall deal could still be days away, say people familiar with the situation. Though the family has overcome some of its previous doubts about selling the company, the situation remains fluid, and some members continue to privately express resistance to a deal. The family’s main concern has been protecting the editorial integrity of the Journal and other Dow Jones properties.
“Last week, the Bancrofts ceded the negotiations over editorial protections to the company’s board, which largely supports the sale. But the family’s control of most of the super-voting shares in the company gives it ultimate veto power, and the family has been ambivalent from the start.”
Read more here.
