22 June 2007

MAD BEEF: NY Times trying to sabotage deal between Rupert and Wall Street Journal

Dow Jones' board, frustrated with the pace of the Bancroft family's negotiations with Rupert Murdoch's News Corp., said they would take over talks on the future of the company. The move, coming after more than 2 weeks of little progress between the parties, increases the likelihood of a deal to enable Rupert Murdoch's media giant to buy Dow Jones, the owner of The Wall Street Journal.

The Bancrofts, whose far-flung members have controlled Dow Jones for generations but aren't directly involved in operating the business, have been ambivalent and divided about a sale from the start. When the $5 billion News Corp. bid became public in May, family members holding a majority of votes opposed the deal and didn't respond. But within the family there was disagreement, with some members, especially younger ones, arguing to consider Murdoch's offer. Some worried that an independent Dow Jones couldn't thrive on its own.

Anywho, now we're hearing The Times is rushing an in-depth investigation of Murdoch. I guess the editors of The Times are hoping their story will have a direct impact on Murdoch's pending offer to buy the The Times' rival, The Wall Street Journal.

Apparently, The Times is prepared to sacrifice ole Rupert as collateral damage in hopes to sabotage the deal. The 3,500+ word piece scheduled to be published in this Sunday's Times will go into detail about Rupert, his Asian wife and his attempt to own the entire world. It doesn't sound like it will be very complimentary.

OK, now back to my coffee.

P.S. Someday I'll do something cool enough that'll get me one of them WSJ sketches. I love those little things!

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