Union representing biz journalists at Dow Jones opposes News Corp. bid

The Independent Association of Publishers’ Employees, which represents hundreds of business journalists who work at The Wall Street Journal, Barron’s, Marketwatch and Dow Jones Newswires, issued a statement saying it opposed the $5 billion offer by News Corp. to acquire Dow Jones & Co.

The statement said, “The staff, from top to bottom, opposes a Rupert Murdoch takeover of Dow Jones & Co. Since the early part of the twentieth century, the Bancroft family has stood up for the independence and quality of The Wall Street Journal and has built it into one of the world’s great newspapers.

“Mr. Murdoch has shown a willingness to crush quality and independence, and there is no reason to think he would handle Dow Jones or The Journal any differently. Despite our differences of opinion with current management, we strongly encourage the Bancrofts to continue to stand up for the institution’s independence, and to walk away from this offer.

“Moreover, the massive premium Mr. Murdoch is offering suggests only one recourse to make the acquisition profitable: gutting the enterprise and slashing the staff that make it the leading financial news organization.”

Read more here. The union is currently negotiating with Dow Jones management on a new contract.Â