Dow Jones & Co. announced Wednesday that its board of directors and representatives of the Bancroft family, which controls the company, have concluded that the best way to continue to evaluate the News Corp. proposal to acquire the company, the parent of The Wall Street Journal, would be for the board to take the lead in addressing all aspects of the proposal and all other strategic alternatives, including remaining independent.
The Bancrofts had met once with News Corp. CEO Rupert Murdoch to discuss ways to protect the Journal from his interference in its journalism.
The company statement said, “Accordingly, the Board of Directors, including representatives of the Bancroft family, will conduct further discussions with News Corporation relating to the proposal and will oversee the exploration of strategic alternatives.
“Representatives of the Bancroft family, which owns shares representing a majority of the Company’s voting power, reiterated that any transaction must include appropriate provisions with respect to journalistic and editorial independence and integrity. Any acquisition will require the approval of the Board of Directors and shareholders owning a majority of the Company’s voting power.
“There can be no assurance that any transaction or other corporate action will result from the foregoing or that the Board of Directors or the members of the Bancroft family will support any specific proposal.”
