Murdoch sends letter to Bancrofts

The Wall Street Journal has posted on its web site a letter dated Friday from News Corp. CEO Rupert Murdoch to members of the Bancroft family who control Dow Jones & Co., the parent of the Journal.

Murdoch wants to buy Dow Jones for $5 billion. In his letter, he said he would increase funding for the Dow Jones Foundation to fund journalism programs, and that one of his key goals, if the deal should go through, would be to retain the reporters, editors and management of its business media properties.

He also said he would give the Bancrofts a seat on the News Corp. board.

In his letter, Murdoch stated, “Please let me assure you that, first and foremost, I am a newspaper man. I don’t apologize for the fact that I have always had strong opinions and strong ideas about newspapers; but I have also always respected the independence and integrity of the news organizations with which I am associated.

“Quite simply, the businesses of Dow Jones, and in particular The Wall Street Journal, represent American journalism at its best. Your record of journalistic independence and integrity is second to none. Any interference — or even hint of interference — would break the trust that exists between the paper and its readers, something I am unwilling to countenance. Apart from breaching the public’s trust, it would simply be bad business.

“We at News Corporation know that the credit for building such an enterprise goes to the members of the family, a strong and committed Board and management team, and an editorial and reporting staff of the highest caliber.”

Read more here.