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.
“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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