Continuing Coverage of the Dow Jones Story
In what's getting to be almost a circus, another Bancroft member, Christopher Bancroft, has reportedly ran to General Electric (GE), hedge funds and private equity firms in an effort to keep Rupert Murdoch and News Corp. from getting the Dow Jones Co. (DJ). This is almost starting to look borderline psychotic.
Bancroft is trying to get the backing to buy enough voting shares to keep the sale from going forward. If he got it, he would buy shares from other Bancroft family members who evidently are ready to cash in.
It can be spun anyway someone wants to, in the end some members of the family are saying they want what Murdoch offered. So much for the "venerable" Wall Street Journal" in their eyes.
Part of this continuing panic is connected to outside pressure of people that can't stand to see Rupert Murdoch get the company, and the Wall Street Journal in particular. The overriding reason, in reality, is the setting of the news agenda in America. The fading New York Times especially fears this possibility.
It also tells me that family members know they'll never get a chance at taking home the kind of money they would get from the News Corp. (NWS-A) bid. Christopher Bancrofts actions show that some in the family are ready to take it.
There's another side to this that hasn't been talked about, and that's the elitism involved. The Bancrofts are being pressured into being shamed by people behind the scenes. Don't think for a minute that they aren't considering their social standing if the sale goes through.
Another pressure is the illusional family "legacy" some media outlets are trying to pressure them with. This type of stuff is so irrelevant to business, that it's becoming a joke to watch.
The truth is if the deal goes through, only the occasional crackpot writer will do an article on the day of sale sometime in the future, to berate the family over their "sellout" to Murdoch. Assuming the sale goes through, nobody will care much or remember the Bancrofts, they'll have fun following the story of what Murdoch will do with the property.
So Bancrofts, sell the company. It's not that complicated. Nobody is going to remember you a month or two after the deal.
Related Coverage:
Rupert Murdoch Sends Message will Start Business Channel with or without Dow Jones
Ron Burkle, Brad Greenspan Exploring Purchasing Dow Jones & Co. Together
Rupert Murdoch Bid for Dow Jones Already Saving Them Jobs
Dow Jones says Story about Completed Deal with Murdoch False
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
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» Final Stages of Dow Jones Negotiations May Start this Week - Companies to Meet from ManagersRealm
Continuing Coverage of the Dow Jones Story In what should become the defining moment in the outcome of the bid for Dow Jones (DJ) by News Corp. (NWS-A) and Rupert Murdoch, News Corp. will meet with board members of Dow Jones... [Read More]
Tracked on: July 15, 2007 11:40 PM | Permalink to Trackback