Internet Outsider: Bancrofts Come to Senses and Agree to Sell Dow Jones

Bancrofts Come to Senses and Agree to Sell Dow Jones

...To Murdoch or anyone else willing to pay nearly twice as much as the stock's normal market price. No, the family statement didn't say that they had agreed to sell Dow Jones, just to chat with Murdoch et al, but that's what it means.

Look out CNBC. And the New York Times is now presumably in play, too...

From the family statement:

"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 News Corporation.

"Accordingly, the Family has advised the Company's Board that it intends to meet with News Corporation to determine whether, in the context of the current or any modified News Corporation proposal, it will be possible to ensure the level of commitment to editorial independence, integrity and journalistic freedom that is the hallmark of Dow Jones.

"The Family also indicated its receptivity to other options that might achieve the same overarching objective."

Posted by Henry Blodget on June 01, 2007 at 12:27 AM | Permalink

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Comments

While CNBC will have a field day and some aging billionaire will no doubt take a run at NYT, there is a key difference between the Bancrofts and the Sulzbergers: The Sulzbergers don't view the Times as a financial asset. Most of the Bancrofts have always had a price they'd accept; asking a Sulzberger how much he/she would sell the Times for is no different from asking them how much they'd sell one of their children for.

The 1997 Trust governing ownership and the dual class shareholder structure is ironclad. There are very few market events where I have more than 75% certainty of a particular outcome. However, I am 100% certain that ownership of the Times will not change hands in my lifetime. This doesn't preclude a divestiture of some assets or a family-led buyout where they maintain absolute voting control, but no one other than the Sulzbergers will ever run that paper.

Posted by: Prince Roy | June 01, 2007 at 10:08 AM

So starting from the top, Thomson Corp. has agreed to sell its education .... Bancrofts and Dow Jones’ board have paid the price for trying to hold on to

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