OLD Media Moves

Bancrofts will sell horse to highest bidder

June 10, 2007

Posted by Chris Roush

Richard Connor, editor and publisher of the Wilkes Barre Times-Leader in Pennsylvania, takes issue with some of the tactics that the Bancroft family have used in negotiating to sell Dow Jones & Co., the parent of The Wall Street Journal, to News Corp. CEO Rupert Murdoch or another bidder.

Richard ConnorConnor wrote, “‘The family’ appears to be comprised of a few sane, reasonable folks and then several others who have not had to work for a living. The latter include hypocrites who hide behind a veil of anonymity and will not even allow reporters at their own newspaper to quote them on the record, yet want to criticize Murdoch for lack of transparency.

“They are collectively ringing their hands in public about journalistic integrity when all they really want is money. And in the end, money is what this is all about.”

Later, he added, “I’ve bought a number of newspapers in my day and I’ve also bought a lot of horses. The sellers of each are not much different. ‘What’s really important to us,’ says the person selling a horse ‘is that old Tonto go to a nice home. He’s part of the family. Money is not our primary objective.’

“And that sounds so soothing to the potential buyer who assures the seller he or she has just the right home for a four-legged family member.

“Then they begin talking price and, suddenly, the seller makes it clear the horse will be sold to the highest bidder, good home or slaughterhouse.”

Read more here.

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