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Continuing Coverage of the Dow Jones Story

To me the story of the Bancrofts and Dow Jones & Company gets stranger and stranger. They have shown more interest in the company when Rupert Murdoch made the offer to buy it, than they have at any time during their ownership.

The latest action in the saga is the rejection by the family of a proposed plan that was prepared by their own lawyers. Supposedly it didn't do enough to guarantee the "editorial independence" of the Wall Street Journal.
 
One report stated: "The Bancrofts remain in talks with their advisers about a proposal, said Roy Winnick, a spokesman for the Bancrofts, in a statement. Murdoch has offered roughly $5 billion for Dow Jones, publisher of the Journal and owner of Dow Jones Newswires and Barron's."

It's not the desire by family members to have the lawyers rewrite the draft that's strange, but it's the obsession with what they are calling "editorial independence" that seems to be bordering on the pychotic by some of the family members.

For those of you that have dealt with lawyers, you know that when they write something like this on behalf of a client, they're doing it to represent their interests. There's also the thought in their minds that it must be something that realistically has a chance of going forward. They talk about these types of things.

While the Bancrofts are claiming the editorial independence card, in reality their response shows that it really isn't editorial independence they're interested in, but their personal brand of editorial independence. In other words, they do have a personal agenda going on here.

If a proposal is put forth to Murdoch and News Corp. (NWS-A) that no business would ever accept, then the question must be asked on what the real motivation behind it is.

With the Bancrofts rejecting proposals by their own lawyers, it looks like the illusions of a former time still linger in the older members of the family. The type of proposals some of them want to put forth are far more controlling than most I've ever heard before.

Again, this is showing me that what really is happening here is the revelation of not only the weak underlying leadership of the current majority shareholders of Dow Jones & Company, but how far behind the times they are in media-related business properties.

I think they resent having these realities coming out in a public forum. It's becoming increasingly clear from the strange reponses coming out of the current major shareholders of the company.

Related Coverage:

Bancrofts Said to be Readying Proposal for Special Board

Another Dow Jones Suitor Bites the Dust

More Suitors for Dow Jones than Men Saying They were Father of Anna Nicole Smith's Baby

Brian Tierney Interested in Dow Jones

Union for Dow Jones Employees Claims Ron Burkle Joined Them to Battle Rupert Murdoch

Journalists Threaten to Walk Out if Murdoch Gets Dow Jones: Who Cares?

Why the Bancrofts Need to Sell Dow Jones & Company

Murdoch Family, Meet the Bancrofts!

Dow Jones & CO.'s Controlling Family to Meet with Rupert Murdoch

Battle for Control of Dow Jones may Eventually become a War

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