Murdoch "surprised and frustrated" by Dow Jones plan

Richard Siklos and Richard Perez-Pena of the New York Times write Saturday that News Corp. CEO Rupert Murdoch was “surprised and frustrated” by the plan he received from Dow Jones & Co. board members on how to maintain the editorial independence of The Wall Street Journal should he purchase the company.

They wrote, “Two people who were briefed on the proposal and the reaction of Mr. Murdoch, chairman of News Corporation, described it as a setback — one called it ‘wholly unacceptable’ in Mr. Murdoch’s view, and the other said it was ‘a total nonstarter.’ Both people were granted anonymity to comment on matters they had not been authorized to discuss.

“The plan shows that the Bancroft family, owners of a controlling interest in Dow Jones, has not retreated significantly from the demands it laid out in a June 4 meeting with Mr. Murdoch — including an independent board with control over personnel and budgets — despite his statement that he could not agree to the conditions.

“The people briefed on the situation, who said that News Corporation executives have grown irritated at the weeks-long silence from the Bancrofts as the family struggled to define its positions, said those executives were stunned yesterday to see a similar set of demands.”

Read more here.