Jonathan Berr writes on the BloggingStocks.com web site that he won’t be said if the Bancrofts sell Dow Jones & Co., the parent of The Wall Street Journal, to News Corp. CEO Rupert Murdoch or another bidder because at least the new owners will show an interest in the paper.
Berr wrote, “To call the Bancrofts absentee landlords would be kind. Their newfound interest in protecting the editorial integrity of the Journal is too little too late. Media reports indicate that they are trying to work out some sort of independent board to protect the Jounal’s newsroom. This is a waste of time because it’s not a question if Murdoch meddles but when and how oftten
“About the smartest move the Bancrofts have done recently was to name Richard Zannino as Chief Executive. But even Zanino can’t wrap Dow Jones in bubble wrap to protect it from the changing media enviornment. Media reports indicate that he is taking a neutral stance on Murdoch’s $5 billion offer but I wonder if he’ll stick around if the deal collapses.
“Still, a Murdoch-owned Wall Street Journal won’t be that different from the paper my colleague Peter Cohan dubbed ‘The Towel.’ The Australian tycoon doesn’t want to go down in history as the person who ruined the paper. That title rightly belongs to the Bancrofts.”
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