Wall Street Journal Reportedly Marries Billionaire Murdoch After Long Affair (UPDATED)
WALL STREET JOURNAL MARRIES BILLIONAIRE AFTER LONG AFFAIR
UNDER CLINTON THERE WERE AFFAIRS, TOO
BILL O’REILLY COLUMN TO FOLLOW
We thought we’d leave some Rupert Murdoch style headlines to highlight this “exclusive” just out on The Business website announcing that sale of the venerable Dow Jones company has reportedly gone through to the controversial media maven.
THIS JUST IN! Dow Jones has denied the report and say the only agreement is on editorial independence.
From The Business report:
Rupert Murdoch has succeeded with his $5 billion bid for Dow Jones, owners of the Wall Street Journal, according to sources acting for the Dow Jones board. Negotiations have been completed and the board is confident the terms of the deal will be accepted by the Bancroft family, which controls a majority of voting shares in Dow Jones, over the next few days. A formal announcement is expected next week.
Murdoch’s News Corporation will take over America’s most prestigious financial publisher at the price he originally offered on April 17, when he proposed $60 a share when the stock was trading at $36, a 67% premium.
After lengthy talks involving many lawyers, the deal includes a legally-enforceable agreement with Murdoch which will supposedly guarantee the integrity and independence of the Wall Street Journal’s journalism.
According to the website, price wasn’t the issue. And nobody else wanted to beat Murdoch’s lucrative offer:
Younger members of the Bancroft family, who have no involvement in Dow Jones, pressured their relatives to accept the Murdoch offer and pocket the 67% premium, knowing that, in the absence of another buyer, the Dow Jones share price would plummet if no deal was done. Those Bancrofts more closely associated with the company have reluctantly concluded that they have no alternative but to sell to the 76-year-old Australian-American media mogul.
According to sources acting for Dow Jones in the negotiations, the deal was delayed until agreement was reached on a legally-binding undertaking by Murdoch to preserve the Wall Street Journal’s editorial independence.
The issue will be whether in the end any “legally-binding” agreement to preserve the Journal’s editorial independence pans out when it enters the realm of reality.
FOR MORE DETAILS BE SURE TO WATCH HANNITY AND COLMES
UPDATE:
FOR INVESTIGATIVE REPORT ON WHETHER IT HAS BEEN SOLD OR NOT WATCH SPECIAL REPORT WITH GERALDO RIVERA IN THE JOURNAL’S VAULT
Other News Stories:
Bancrofts: Dow Jones talks ‘not complete’
Story on Murdoch purchase of Wall Street Journal ‘incorrect
WSJ execs give cautious support to editorial deal
Dow Jones Pact Would Protect Three Top Editors
