Tuesday, June 5, 2007
Published reports say the meeting between members of the Bancroft family and Rupert Murdoch yesterday was cordial, and, indeed, make it sound as if Murdoch's acquisition of Dow Jones is on course to becoming a done deal. Much of the four-to-five hour meeting was spent discussing counterproposals to maintain the journalistic independence of the Wall St. Journal. Murdoch reportedly rejected the family's proposal to set up an independent board of overseers with the initial members selected by the Bancroft family, who would then choose their successors in perpetuity. Afterwards, Murdoch called the meeting "constructive." It is expected that the parties will meet again soon to continue discussions. See WSJ, Murdoch Calls Dow Jones Meeting 'Constructive'; NYTimes, 2 Sides Meet Face to Face on Dow Jones.