RUPERT MURDOCH WINS BID TO BUY DOW JONES
BANCROFT FAMILY SHAREHOLDERS GIVE ENOUGH SUPPORT TO LET DEAL GO THROUGH, MURDOCH WILL CONTROL WALL STREET JOURNAL
2 August 2007

Controversial media tycoon Rupert Murdoch, through his company Newscorp, has reportedly persuaded the Bancroft family, which holds a controlling interest in the financial company Dow Jones, to sell the firm for $5.6 billion, giving him control of the Wall Street Journal newspaper. Until now, there had been opposition from within the Bancroft family, based on concerns Murdoch would distort the editorial culture and diminish the Journal's reputation for journalistic independence.

Murdoch has reportedly employed a no-pressure method of persuasion, raising the offer, and giving time for the editorial environment of the Journal to express and debate all competing views on the matter. He has reportedly assured the current ownership and board of Dow Jones that he will not interfere with the editorial choices of the Wall Street Journal.

One German director, Dieter von Holtzbrinck, resigned in protest over the Murdoch bid, saying he had serious concerns the paper would be able to maintain its journalistic integrity as part of the News Corporation media culture. The BBC reported at the time that "News Corporation has pledged to fully respect and maintain the Wall Street Journal's independence and that of the firm's other business news services."

Von Holtzbrinck reportedly admitted that he could not "prove" his suspicions, he could only base his analysis of the likely future path for the Journal in Murdoch's hands on "News Corporation's practices in the past". Prominent figures in the editorial, financial and journalistic sectors have also raised concerns about the future editorial independence of the newspaper. Measures will be taken to ensure that there is no editorial interference from News Corporation management.

According to the BBC, "Under the terms of the deal, a five-member special committee will be established to assure the journalistic and editorial integrity and independence of Dow Jones' publications and services, including the WSJ." News Corporation already owns 100 newspapers around the world. [s]

• BBC: "Murdoch wins fight for Dow Jones"
• Project for Excellence in Journalism: "PUBLISHER MURDOCH'S U.S. TRACK-RECORD"
• BBC: "Bancrofts discuss Dow Jones sale"
• BBC: "Dow Jones director quits over bid"

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