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Murdoch Says He's Flexible, Up to a Point

Jousting over editorial independence may derail Dow Jones deal

By Sam Gale Rosen,  Newser Staff

Posted Jun 4, 2007 8:29 AM CDT
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(Newser) – Rupert Murdoch has renewed his vow to maintain the Wall Street Journal's editorial independence should his bid for Dow Jones succeed, but it's unlikely he'll allow the controlling Bancroft family to run an editorial oversight board. That sticking point could be a deal-breaker, the Journal reported hours before today's scheduled meeting between the parties.

"I can't put down $5 billion of my shareholders' money and not be able to run the business," said Murdoch, who will join his son James in meeting with three Bancroft family members. The board Murdoch created after buying the Times of London in 1981 has drawn fire for not reining him in; other arrangements and restrictions are under consideration.

Co., publisher of The Wall Street Journal, is now firmly in play, even after the controlling Bancroft family turned thumbs down to a $5 billion bid from Rupert Murdoch. (AP Photo/Mel Evans, file)
Co., publisher of The Wall Street Journal, is now firmly in play, even after the controlling Bancroft family turned thumbs down to a $5 billion bid from Rupert Murdoch. (AP Photo/Mel Evans, file)   (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)
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)
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)
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)
Co., the Bancroft family, promising them a board seat on his media conglomerate, News Corp., as well as measures to ensure the independence of The Wall Street Journal. (AP Photo/Mark Lennihan, FILE)
Co., the Bancroft family, promising them a board seat on his media conglomerate, News Corp., as well as measures to ensure the independence of The Wall Street Journal. (AP Photo/Mark Lennihan, FILE)   (Associated Press)
Co. publisher of the Wall Street Journal has received an unsolicited bid for the company from Rupert Murdoch, who is the major stake-holder of News International, the parent company of The Time and The Sun newspapers. (AP Photo/Alastair Grant)
Co. publisher of the Wall Street Journal has received an unsolicited bid for the company from Rupert Murdoch, who is the major stake-holder of News International, the parent company of The Time and The...   (Associated Press)
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