Dow Jones trustee opposed to sale of WSJ: Report

26 July 2007

The Wall Street Journal has reported that trustee Jane Cox Macelree of its parent company, Dow Jones & Co, argued at a meeting that selling the company to Rupert Murdoch''s News Corp could compromise the paper''s independence.

Macelree shares voting control over stock representing 15 per cent of Dow Jone''s total votes.

She argued against accepting Murdoch''s offer, which the board of Dow Jones last week (See: Dow Jones board clears $5 billion News Corp bid, seeks Bancrofts'' nod) at a meeting attended by 33 family members who were briefed in person or by phone on the details of a $5 billion offer by News Corp.

The board''s endorsement prompted director Dieter von Holtzbrinck, who is the chairman of family firm von Holtzbrinck that owns a number of leading German newspapers; to resign in protest saying the takeover would threaten the group''s journalistic values. (See: Director quits Dow Jones over board''s endorsement to Murdoch''s bid)

The Bancroft family has held a controlling stock in Dow Jones interest in Dow Jones since 1902 and currently owns a majority 64 per cent.

The company''s advisers have called on the Bancrofts to make a decision by early next week, though some family members are resisting the idea of a deadline.