New York Times media columnist David Carr sits back and takes a look at what might happen between News Corp. CEO Rupert Murdoch and the Bancroft family that controls Dow Jones & Co. in his Monday column, available online Sunday night.
Last week, Murdoch made a $5 billion offer for Dow Jones, which owns The Wall Street Journal, Barron’s and Marketwatch. The majority of Bancrofts have said they would vote against such a deal.
“He’ll need to do some soothing of the newsroom, too. ‘Everyone here is trying to do their jobs from under the ton of bricks that just landed on them,’ one reporter said on Friday.
“If members of the Bancroft family, who are the controlling shareholders of Dow Jones, end up doing business with Mr. Murdoch, it will be less Little Red Riding Hood — ‘My what large share prices you have, Mr. Murdoch!’ — than a proud family succumbing to the laws of the jungle. With share prices sinking in a struggling business, outside stockholders with their lawyers on speed-dial, and no other exit in sight, $5 billion has a nice, solid ring to it.”
Read more here.
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