NYTimes urges Bancrofts to reject Murdoch offer

In an editorial Sunday, the New York Times urged the Bancroft family that controls Dow Jones & Co., the parent of The Wall Street Journal, to reject the $5 billion offer from News Corp. CEO Rupert Murdoch to sell the company.

The editorial stated, “A particularly excellent example of what is at stake appeared on the front page of last Tuesday’s Journal, a powerful assessment of Mr. Murdoch’s shaky stewardship of the news outlets in his empire. The Journal reported on Mr. Murdoch’s successes, of course. It also documented times when Mr. Murdoch has failed to keep his promises of journalistic independence in his media properties.

“The Journal cited instances in which he reneged on his vow to leave news operations alone, such as at The Times of London, or when his conglomerate canceled a book and stopped carrying the BBC news by satellite to curry favor in China. As it concluded, Mr. Murdoch has tightly controlled news operations that ‘have made coverage decisions that advanced the interests of his sprawling media conglomerate.’

“Would Mr. Murdoch tolerate such frank and expert reporting? If not, the Bancrofts would not simply be cashing in the family business; they would be endangering one of the best newspapers in the world. Mr. Murdoch has promised not to diminish The Journal. At the same time he acknowledges that as a veteran newsman, he likes to meddle in his news properties, which include The New York Post and Fox News Network. We hope he remembers that The Journal’s respect for its readers and the readers’ trust in The Journal are entwined. Lose one and you lose the other.”

Read more here.