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.