Rupert Murdoch bid for Dow Jones rejected

08 May 2007

News Corp''s $60-a-share offer for Dow Jones has been rejected by Jim Ottaway Jr and his family. The family owns 6.2 per cent of Dow Jones supervoting Class B shares.

Ottaway said in a statement on the website of the Wall Street Journal: "The sale of Dow Jones to Rupert Murdoch and his News Corp. global media giant would lead to loss of the unique news quality and integrity of The Wall Street Journal and other Dow Jones publications and Internet services, and loss of the independence and integrity of a leading national editorial voice.

"The brand name, the major asset of Dow Jones, is based upon its reputation for, and daily practice of, accurate, fair, objective and reliable business news reporting. This would be damaged and if Rupert Murdoch and his News Corp. take over Dow Jones. It is this journalistic integrity which has created shareholder value, as recognized by the News Corp. offer. It will continue to create shareholder value in the future of our information society.

Ottaway said, "I am opposed to Rupert Murdoch''s buying Dow Jones to boost his personal prestige, political power, and global media business control, and to acquire Dow Jones brand name business news because he needs it for his new business news channel to succeed. The Economist magazine describes Murdoch''s pursuit of Dow Jones as ''the media equivalent of a trophy wife.''

He added that he was also opposed to Rupert Murdoch taking over Dow Jones because it would add to already too much concentration of American and global media ownership, and political influence on American society and government decision making.

Ottaway finally added that Dow Jones was not for sale, at any price, to Rupert Murdoch.