Categories: OLD Media Moves

Bancrofts offer lesson to other family businesses

Chris Lester, the business editor of the Kansas City Star, writes that the way the Bancroft family struggled in recent months with the realization that they had not paid attention to the changes in the media world affecting The Wall Street Journal should be a lesson to others.

Lester wrote, “The Journal remains the gold standard of business journalism, and one of the world’s greatest newspapers. It’s hard to imagine Murdoch recasting the Journal in the image of his brash, snarky tabloid the New York Post.

“But the founding family, despite representation on the board, for the most part has been an absentee owner for the past generation, a period of immense change that has offered both great opportunities and enormous challenges as the business media adapted to new technologies and new competition.

“Given another opportunity, those in control of Dow Jones may have played things differently, more aggressively defending its turf as a financial data provider and more aggressively expanding its media delivery options through strategic alliances with other companies.

“Those sort of regrets bubbled to the surface as the Bancrofts, which held voting control of the company through a dense web of trusts benefiting dozens of adult family members, debated the company’s fate.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

Recent Posts

Is this the end of CoinDesk as we know it?

Former CoinDesk editorial staffer Michael McSweeney writes about the recent happenings at the cryptocurrency news site, where…

3 hours ago

LinkedIn finance editor Singh departs

Manas Pratap Singh, finance editor for LinkedIn News Europe, has left for a new opportunity…

1 day ago

Washington Post announces start of third newsroom

Washington Post executive editor Matt Murray sent out the following on Friday: Dear All, Over the last…

2 days ago

FT hires Moens to cover competition and tech in Brussels

The Financial Times has hired Barbara Moens to cover competition and tech in Brussels. She will start…

2 days ago

Deputy tech editor Haselton departs CNBC for The Verge

CNBC.com deputy technology editor Todd Haselton is leaving the news organization for a job at The Verge.…

2 days ago

“Power Lunch” co-anchor Tyler Mathisen is leaving CNBC

Note from CNBC Business News senior vice president Dan Colarusso: After more than 27 years…

2 days ago