Rupert Murdoch became the latest casualty in the Bancroft family’s efforts to keep up the quality and independence of the Wall Street Journal. His unsolicited offer of $5 billion dollars made prior offers, like the one in 2002 from the Sulzberger family, who controls The New York Times Co., look like small potatoes.
Murdoch made the bid two weeks ago, but it wasn’t reported in the news until May 1 by the business channel CNBC.
A person close to Dow Jones management told the New York Times that the reason family representatives were willing to turn down the offer was “a combination of things. They don’t like Murdoch, and they have a proud heritage of owning the paper for 100 years and don’t want to give that up.”
Several other concerns came to light, one of which is that the 76-year-old Murdoch hasn’t named a successor for his empire. Another concern dealt with the fear that he would exert influence over news pages, making the paper more sensational.
The way the refusal was worded has led to speculation that the Bancrofts might be willing to sell to a different buyer, even if the offer was not as high. So far, no one else has stepped forward.
Information from the New York Times, the International Herald Tribune, and the Associated Press was used in this report.
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