You Read It Here First May 1, 2007Posted by David Card in Media.
- The Bancroft family, the controlling shareholder of The Wall Street Journal’s parent company Dow Jones & Co., is considering a $5 billion buyout offer from News Corp., the international media conglomerate controlled by Rupert Murdoch.
- The offer of $60 a share in cash, or a combination of cash and stock, is pitched at a price roughly 67% above Dow Jones’ recent market value. A buyout has the potential to permanently reshape business journalism in the U.S. and internationally. It could set off a bidding war for Dow Jones, owner of one of the most storied franchises in American newspapers likely to be attractive to companies ranging from the Washington Post Co., the New York Times Co. and possibly even Bloomberg LP in addition to News Corp.