Bancroft family prepare to decide Dow Jones' fate
Monday, 23 July 2007
NEW YORK, July 22 (AFP): Members of the Bancroft family, who have controlled Dow Jones & Company since 1902, gather Monday to begin debating whether to sell the storied US media firm to Rupert Murdoch's News Corporation.
Murdoch, a global media baron, has been awaiting an answer from the Bancroft clan for three months since News Corporation launched a hostile five billion dollar takeover bid for Dow Jones, and its crown jewel, The Wall Street Journal.
The Dow Jones board has already backed a deal, but it is unclear whether the Bancrofts, some of whom have vied to find other suitors for Dow Jones, will also approve a tie up with News Corporation amid family fears about editorial meddling.
A source, who requested anonymity, said the family would convene in Boston Monday, but would not make any "immediate" decision on News Corporation's offer.
Murdoch, a global media baron, has been awaiting an answer from the Bancroft clan for three months since News Corporation launched a hostile five billion dollar takeover bid for Dow Jones, and its crown jewel, The Wall Street Journal.
The Dow Jones board has already backed a deal, but it is unclear whether the Bancrofts, some of whom have vied to find other suitors for Dow Jones, will also approve a tie up with News Corporation amid family fears about editorial meddling.
A source, who requested anonymity, said the family would convene in Boston Monday, but would not make any "immediate" decision on News Corporation's offer.