BusinessWeek executive editor John Byrne expects News Corp. CEO Rupert Murdoch to be successful in his bid to acquire Dow Jones & Co., the parent of The Wall Street Journal, writes Dan Caterinicchia of the Associated Press.
Caterinicchia wrote, “Journal publisher Gordon Crovitz, sitting on stage with BusinessWeek’s John Byrne, refused to comment other than to acknowledge: ‘We’re more accustomed to publishing the headlines than being in them.’
“Their remarks highlighted a panel on ‘implications of the profound changes under way in journalism,’ hosted by the mutual fund trade group’s annual conference.
“The $60 per share offer prices Dow Jones in excess of what it’s worth, Byrne said Thursday, but he thinks Murdoch will put more money on the table because ‘another $5 or $10 would break up the family.’
“That’s a reference to Dow Jones’ controlling shareholders, the Bancroft family, who oppose Murdoch’s bid. ‘If they want to keep it a family-owned business, they should buy out the public shareholders at Murdoch’s price,’ Byrne said after the panel, held as part of the Investment Company Institute’s annual meeting.
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