Fortune senior editor at large Allan Sloan writes Tuesday in The Washington Post that the Bancroft family that supposedly prized the journalism integrity of The Wall Street Journal gave up on the paper when they started selling stock in the parent company, Dow Jones & Co., years ago.
“Heaven forfend that the Bancrofts would be so tacky. In fact, the pitch for entrenching the family, presented in Dow Jones’s 1984 proxy statement, was to ‘provide better assurance that in the years ahead the company and its publications will continue to operate under the same quasi-public trust philosophy that the family has followed since Clarence Barron acquired the company in 1902.’
“Oh, well. By the time the endgame was playing out, various Bancrofts had long since given up on journalistic principle and were just trying to extract a better deal for themselves than the $60 a share that Murdoch was offering other shareholders.”
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