Rupert Woos Bancrofts

Letter promises seat on News Corp. board, editorial independence for Journal

By J. Kelman, Newser User

Posted May 14, 2007 5:13 PM CDT

(Newser) – Rupert Murdoch doesn't want to shake things up at Dow Jones—or so he implied in a weekend missive wooing the Bancroft family. In the folksy, flattering letter, Murdoch called himself "first and foremost" a "newspaper man," and promised to appoint an independent editorial board for the Wall Street Journal should he take over the company.

Murdoch said he would welcome a Bancroft family member on the News Corp. board. But he stopped short of raising his offer for the company, which still stands at $60 a share. The Bancroft family, which holds the controlling interest in Dow Jones, rebuffed Murdoch's initial offer.

Media baron Rupert Murdoch, who controls News Corp., speaks at the company's Global Energy Initiative on Wednesday, May 9, 2007 in New York. News Corp. reported a 6.2 percent profit increase for its latest... (Associated Press)

Co. has been rebuffed by the Bancroft family, which has controlling interest. Murdoch's News Corp. publishes the Post, while The Wall Street Journal is published by Dow Jones. (AP Photo/Mark Lennihan) (Associated Press)

(FILES) Chairman and CEO of News Corporation Rupert Murdoch delivers... (Getty Images)

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Rupert Woos Bancrofts

Letter promises seat on News Corp. board, editorial independence for Journal

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Rupert Woos Bancrofts

Letter promises seat on News Corp. board, editorial independence for Journal

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Rivals Team Up on 11th-Hour Dow Offer

Greenspan, Burkle hatch partial buyout option for W SJ owner

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News Corp. paper will charge for individual articles

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Removal violated 'letter and spirit' of agreement with News Corp.

At Murdoch's Journal , No Cheap Makeover

New faces and ideas to mine affluent audience, but no Foxification

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Commission member asks if deal serves public interest

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