Magazine article Editor & Publisher

Under Deal, Murdoch Could Select 'WSJ' Editors

Magazine article Editor & Publisher

Under Deal, Murdoch Could Select 'WSJ' Editors

Article excerpt

If Rupert Murdoch succeeds in buying Dow Jones & Co., he would be able to hire and fire top editors of The Wall Street Journal under the editorial independence agreement reached with the company, The New York Times reported Thursday.

"That is a far cry from the demands made by the Bancroft family, owners of a controlling interest in Dow Jones, and it remains to be seen how the Bancrofts -- most of whom have not been told what was in the agreement -- will react," the paper added. "Negotiators for News Corporation and Dow Jones continue to iron out elements of what has been described as 'an agreement in principle' on editorial independence, and they expect to begin to debate the price of the deal soon. News Corporation has offered $60 a share, or about $5 billion."

Traveling in Poland yesterday, Murdoch said, "We are just waiting for a final approval of the Bancroft family," according to Reuters. "The final approval is in the next two, three weeks' time or not at all."

The element of the unusual editorial independence arrangement comes as the Bancroft family seeks to sell the company, but maintain the Journal's image as a high-quality editorial product. …

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