Bancrofts expected to send new proposal to Murdoch

Bancroft family advisers were expected to send News Corp. CEO Rupert Murdoch as early as Tuesday a revised set of proposals for a special board to safeguard The Wall Street Journal‘s editorial independence, according to a story by Journal reporter Matthew Karnitschnig.

Murdoch is trying to purchase the Journal’s parent, Dow Jones & Co., for $5 billion, but the Bancroft family that controls it has resisted because it fears what Murdoch would do to the paper.

Karnitschnig wrote, “The Bancrofts have said they will continue talks with News Corp. only if an agreement is reached first on formal safeguards for the Journal. The family wants to include enforcement clauses in the agreement and ensure that the Journal newsroom has a strong voice on the board, according to people familiar with the matter. Family members were briefed on the status of the negotiations during a conference call with their advisers yesterday.

“The new proposals come one week after family members met with News Corp. Chairman Rupert Murdoch for the first time to discuss ways to preserve the Journal’s integrity should it be sold.”

Read more here. A subscription is required. Karnitschnig wrote that it was unclear if the new proposal would bridge key differences between the Bancrofts and Murdoch over how the paper would be governed. Murdoch wants more control over the board.