According to Dow Jones & Co (DJ), a report that they have concluded negotiations with Rupert Murdoch and the deal is completed are false.
Evidently "The Business" was trying to get some attention by announcing they had an exclusive on the story, but when reading the article, it really only makes assertions based upon "editorial independence" being worked out and being the main hindrance to the deal going forward. With that being completed, they wrote under the assumption the deal was complete, making it look like they had some special insight.
What was interesting about it is everybody pretty much knows there's a small chance the deal will fall through now, so if and when it goes through, The Business can say "I told you so," even if the deal hasn't been completed, which evidently it hasn't.
In other words, they've covered their butts pretty good. The only thing that could make them look bad is if the Bancrofts reject the deal; a very unlikely scenario.
For the most part they were only trying to flush out a story by asserting they had insider information. Now they're looking somewhat stupid. Like I said, they thought this through and can always say when the deal goes through that they were right. But anybody could have done what they did and say the same thing. Pretty shoddy journalism if you ask me.
In the comments section of the article, Linda Dunbar, Vice President Corporate Communications for Dow Jones says outright that the story is not correct. The company also sent out a statement confirming the same thing.
Related Coverage:
Wall Street Journal Editor Supports Dow Jones, News Corp. Agreement
New York Times Article says if Murdoch buys Wall Street Journal, Dark Day for American Democracy
What the Real Battle over Dow Jones is About
Rupert Murdoch Retains Power to Hire and Fire at Wall Street Journal
Dow Jones, News Corp. Come to Editorial Board Agreement
Dow Jones Deal Coming Closer to a Conclusion
Latest Plan by Bancrofts Shows Board may be Just Rubber Stamp for Them
Dow Jones Board Drafting "Editorial Independence" Statement - Will Murdoch Accept?
General Electric and Pearson PLC Drop out of Dow Jones Sweepstakes
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Tracked on: July 8, 2007 10:50 PM | Permalink to Trackback