Last night, the Dow Jones Board board approved FOX owner Rupert Murdoch’s $5 billion bid for the company that owns the Wall Street Journal. There still is some doubt whether the Bancroft family will go through with the sale.
Leslie Hill, a member of the Bancroft family, and Dieter von Holtzbrinck abstained from the vote, while Christopher Bancroft — who has been actively seeking alternatives to Rupert Murdoch’s bid — left the meeting early,according to an article in the Journal. Legal liability prevented the two Bancroft members from registering “no” votes, but that their sentiment was against the deal, says the paper. The board has 16 members. The final sale decision will be made by the Bancrofts.
While the WSJ is seen as the conservative voice of American business, its reporting has always been some of the best in the country. There is worry that Murdoch will pressure the reporters to slant their coverage in the same manner that the Fox News Channel does.
The funny thing is that no one is forcing the Bancrofts to sale. Murdoch made an unsolicited offer and created this story. Now many believe his purchase will ultimately go through.