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Murdoch The Bancroft family has said that it is willing to meet with Rupert Murdoch’s News Corporation, weeks after rejecting Murdoch’s $5 billion takeover offer for Dow Jones. The family also announced yesterday that it would consider selling the company to other bidders.
“After a detailed review of the business of Dow Jones and the evolving competitive environment in which it operates, the family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organization, which may include News Corporation,” according to a statement from the family (via The New York Times).
Now that Dow Jones has shown itself amenable to possible sale, other bidders could emerge, such as Bloomberg L.P., GE, or the head of the American International Group, Maurice R. Greenberg. Other options could emerge, as well, such as selling parts of the company or looking for an investor.
Murdoch wants to expand the Journal’s reach overseas and online. He also wants to tap its resources for a new business-oriented cable news channel he plans to launch.
Murdoch wrote a letter that sought to allay any fears that his ownership would compromise the integrity of the Wall Street Journal. He said that one of a series of steps he would take to ensure its integrity would be setting up an independent oversight board, reports the San Jose Mercury News.
In a statement late yesterday (Thursday), union leader Steven Yount said, “We don’t believe the promises Mr. Murdoch has made can be trusted. Dow Jones must remain an independent company if it is to prosper both as business and a journalistic enterprise.” The union will do everything in its power to ensure Dow Jones remains independent, he said.
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