Categories: OLD Media Moves

Denver Bancrofts to vote against News Corp. offer

Matthew Karnitschnig of The Wall Street Journal writes Friday afternoon that the Bancroft family members based in Denver that controlÂ more than 9 percent of Dow Jones & Co. stock plan to vote against selling the parent of the Journal to News Corp.

Karnitschnig wrote, “The Denver trust, which holds 9.1% of Dow Jones’s voting stock, is seen as an important faction within the Bancroft family. The trust is seen as a seller but had been pushing for a higher price.

“News Corp. has no intention of raising the price of its offer, said a person close to the company.

“The Denver trust has been one of the most closely watched among Dow Jones management and News Corp. executives, according to people familiar with the matter. The Bancroft family is divided about whether to accept the offer, with some prominent members arguing strongly against the deal while others are in favor. The outcome has been seen as too close to call, although the Denver trust’s decision increases doubts about the deal’s prospects. Shares of Dow Jones were down 16 cents to $53.55 in afternoon trading.”

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Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.