Key Bancroft member opposes sale

Matthew Karnitschnig and Susan Warren of The Wall Street Journal write Thursday that a key member of the Bancroft family opposes selling Dow Jones & Co. to News Corp. CEO Rupert Murdoch.

They wrote, “‘Why would I risk that?’ said Christopher Bancroft, who also is a Dow Jones director, in his first public comments about News Corp.’s $5 billion bid. ‘I’m open to any situation that benefits The Wall Street Journal and Dow Jones and its shareholders. At the moment, I don’t see anything that would do that.’

“His remarks come as the family, which controls 64% of the voting shares of Dow Jones, continues to ponder the offer, made in April, amid signs of growing tension within the far-flung clan. Family members met yesterday in Boston, partly at the behest of one branch of the family, the Hills, who felt the family needed to discuss its options, said people familiar with the matter.

“But several key members of the family didn’t attend, including Mr. Bancroft. Neither did William Cox Jr., nor any of his four children, who together represent another important branch of the family that controls about 15% of the family’s total Class B shares. Mr. Cox also has said he opposes the News Corp. offer.”

Read more here.