Reuters is reporting that Chris Bancroft is trying his hardest to block the proposed takeover of Dow Jones by News Corp:
Christopher Bancroft has recently approached hedge funds, private equity firms and General Electric Co. , hoping to buy enough voting shares of Dow Jones to give him the power to thwart a sale, the paper reported on its Web site, citing people familiar with the matter.
Imagine if Rupert Murdoch controlled the Wall Street Journal. Oh sure, the Bancroft family has been negotiating to retain editorial control of the newspaper, but so did the Times newspaper of London. A lot of good that did. It doesn't matter what is negotiated. If Murdoch gets his hands on the WSJ, it will start to look more like the New York Post. Yuk!
In my opinion, Murdoch only wants the WSJ as another platform to challenge the NY Times. I can't find the story online, but I remember there being a piece in which Murdoch states that he wants more NY media so that he's better equipped to shout down the NY Times. The NY Times reports the facts and sometimes those facts don't jive with the reality uber-conservatives such as Murdoch would like there to be.
Murdoch would turn the Journal into a complete joke. As it is, every story should be taken with a grain of salt. Imagine the inaccuracies if Murdoch has his way.
If you don't believe me, check this out. I can't get through the movie without yelling at the screen. Dow Jones needs to say no to Murdoch or the business community needs to find another buyer, either collectively or individually. Where's George Soros when you need him?
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