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Another Dow Jones shareholder is hoping to avoid a takeover by Rupert Murdoch. Jim Ottaway Jr., a former Dow Jones board member, has said in a statement posted on the Wall Street Journal’s website that he is strongly opposed to the takeover bid.
Ottaway said that a takeover would mean a “loss of independence and integrity of a leading national editorial voice,” writes the AP. He also says a takeover would further concentrate media ownership and influence.
The Bancrofts have indicated that they would oppose the bid with 52 percent of company’s shareholder vote, not quite all of the 64 percent voting power the family controls.
Ottaway controls about 6.2 percent of Dow Jones’s supervoting shares. His opposition, combined with that of the Bancroft family, would make it more difficult for Murdoch’s bid to succeed.
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