WSJ reporters begin letter writing campaign to Bancrofts
According to an e-mail obtained by Dealbreaker.com’s John Carney, the reporters atÂ the Wall Street Journal are beginning a letter writing campaign to the three board members of Dow Jones & Co. who are members of the Bancroft family that controls a majority of the voting stock.
The journalists want the family members to resist selling the company.
Reporter Jesse Drucker wrote, “As some of you know, there is a movement afoot to appeal directly, via letter, to each of the Bancroft family members that sit on our board. I am urging you to take part in this. The Bancrofts are under tremendous pressure to accept News Corp’s offer, and that pressure will only become greater in the likely event that Murdoch raises his bid. The fact they have opposed it so far indicates that they are committed to maintaining the quality of The Wall Street Journal and all of Dow Jones’ publications and products â€“ despite their opportunity to profit tremendously from accepting the offer.
“A short letter addressed to each of the three â€“ make a separate copy for each â€“ urging them to stand firm can only help our cause. The board members are Leslie Hill, Christopher Bancroft and Elizabeth Steele. If you feel strongly enough to write such a letter, please try to get it to me by tomorrow (Thursday) and I will overnight a package of letters to each of them. If this is not feasible, I willl aim to get it to them by Monday. Our colleagues across the country are planning on taking part.”
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