Bancrofts lobby to influence sale of Dow Jones to Murdoch''s News Corp

29 July 2007

Members of the family that controls 64 per cent of the voting stock of Dow Jones & Co Inc, the publisher of The Wall Street Journal, are lobbying their positions to influence the outcome of News Corp`s $5-billion bid.

According to The Wall Street Journal the Bancrofts remain divided over the buyout offer from Rupert Murdoch`s News Corp, with one family member sending a lengthy 4,000 word letter to persuade his relatives to accept the deal while another faction, based in Denver, is urging for a higher price.

Meanwhile, family lawyers are trying to change the voting structure of the biggest trust held by the Bancrofts, a move that could reduce the influence of Christopher Bancroft, who is strongly against Murdoch bid.(See: Dow Jones board member opposes sale to News Corp)

Crawford Hill, a family member who supports the sale, wrote a lengthy 4000 word letter to other family members that was posted on the Journal`s Web site in support of the deal.

Other family members are attracted by the $60-per-share offer. A competing proposal is expected from internet entrepreneur Brad Greenspan, who said that he was revising his plan.

He said he has now assembled about four investors, without naming them, who he said were interested in his proposal and one "large" Asian investor could also join by next week, he said.