OLD Media Moves

Bancrofts still haggling about deal

July 30, 2007

Posted by Chris Roush

Sarah Ellison and Matthew Karnitschnig of The Wall Street Journal write Monday that the Bancroft family vote on whether to sell the Journal’s parent, Dow Jones & Co., to News Corp. CEO Rupert Murdoch is still too close to call.

Wall Street JournalEllison and Karnitschnig wrote, “The Bancroft family and its advisers headed into the final hours of deliberations over the fate of Dow Jones & Co. yesterday amid heated jockeying and negotiating that threatened to create a rift between the company’s board and some family advisers, according to people familiar with the matter.

“Still, the company’s fate remained too close to call, these people said. Michael B. Elefante, the family’s lead trustee, indicated to some on the board last night that he has slightly less than 30% of the overall vote. News Corp. likely needs family votes representing roughly 30% of the overall vote.”

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