Bancroft family meet to discuss News Corp bid

by Jacquie Bowser, Brand Republic 23-May-07, 11:00

LONDON - Members of the Bancroft family, which controls Dow Jones & Co, are meeting today to discuss the $5bn (£2.5bn) takeover bid by Rupert Murdoch's News Corp.

Murdoch's takeover offer was formally rejected three weeks ago by the 35-strong Bancroft family, who own 64% of Dow Jones' class-B shares.

About 80% of the family opposed the takeover at the time, but it is believed family members have been debating the matter since then.

Some members of the family refuse to sell the company, publisher of The Wall Street Journal, to Murdoch at any price, concerned that a News Corp takeover would "crush quality and independence" at the journal.

But last week, Murdoch said he would offer the Bancroft family seats on the News Corp board and to create an independent editorial board for the journal.

In a letter to the Bancrofts, he wrote "maintaining the heritage of independence and journalistic integrity would be of utmost importance to me and to News Corp". He added that interfering with operations at The Wall Street Journal would undermine public trust and "simply be bad business".

Murdoch has said that he would like to meet the Bancrofts as well as employees at the journal to discuss the issue, but so far the family has not responded to his request.