New York Times business columnist Joe Nocera writes Saturday about the “benign neglect” among the Bancroft family members that led them to sell Dow Jones & Co., the parent of The Wall Street Journal, to News Corp.
“She acknowledges that Mr. Murdoch could wreck the paper. ‘But that is a risk you would take with any new owner,’ she said. ‘He has a tremendous opportunity,â€? she continued, ‘and I don’t think he’s going to blow it. He’s going to put money in the company, he’ll grow the brand, and he can do things through his distribution channels we never could. TV? We lost that chance 20 years ago.’
“Was she happy Dow Jones had been sold? No, she said, but she had made her peace with it. ‘Ultimately, my love of The Wall Street Journal is what caused me to support the sale.’
“WHEN I went to see Mr. Murdoch the next day in New York, he succinctly made the point that Ms. Chelberg had been working toward the previous afternoon. ‘The first road to freedom,’ he said, ‘is viability.'”
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