Friday, June 1, 2007
The Bancroft family, the controlling shareholders of Dow Jones & Co., announced yesterday that it would meet with Rupert Murdoch and that it would consider a sale of the company. It statement read:
"After a detailed review of the business of Dow Jones and the evolving competitive environment in which it operates, the family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organization, which may include the News Corporation."
Insiders said there were two conditions to any sale: (1) a higher price than Murdoch's $60 per share price (the stock was trading at $36 pre-Murdoch announcement); and (2) an independent overseer to guarantee editorial independence. See NYTimes, Dow Jones Says It Will Consider Options for Sale; WSJ, Bancrofts Open Door To a Sale Of Dow Jones.