Follow the Money
- Article Tools
- Email this Article
- Print this Article
- Rss Feed
- Related Articles
- Burkle Noses Around Dow Jones
- Murdoch: 'Meeting Was 'Constructive'
- Dow Jones Slips Ahead of Meeting
- Why Dow Jones Makes Sense for Buffett
- Friday's Winners & Losers: Dow Jones
- Wall St. Confidential: Cramer Says Murdoch Won't Mess With Dow Jones' Ethics
- Del.icio.us
- Digg
- StumbleUpon
The news that the Bancroft family is considering selling Dow Jones DJ to Rupert Murdoch came as a surprise last Friday ... to anyone unfamiliar with the laws of money. Or who hadn't read the company's public filings. Almost exactly a month ago, just after Rupert Murdoch had made his $5 billion offer for Dow Jones and been rebuffed, I revealed here that the bid would be worth an extra $500 million to the Bancrofts. "There will continue to be protestations about the sanctity of the Journal's independence," I predicted, "but $500 million can soothe some ruffled principles." The reality? Dow Jones shares were just $36 and change before Murdoch. The value of the Bancrofts' stake was then just over $740 million. It had been sliding grimly, along with the rest of the newspaper world, for years. Murdoch is prepared to pay them $1.24 billion for the same shares. Not bad. No wonder they changed their minds. And no wonder attempts to dismiss the offer sparked threats of shareholder lawsuits. Five hundred million bucks has a wonderful way of concentrating the mind. But why can't they just admit they want the money? Instead, the Bancrofts sent out representative Michael Elefante to explain they had conducted a "detailed review of the business" and "the evolving competitive environment." Such contemplation, he said, had led the family to a "consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organization, which may include News Corp.
The supermarket magnate will join the publisher's union in exploring options to rival a Murdoch deal.
Murdoch calls the four-hour meeting with the Bancroft's 'constructive'; price wasn't discussed, say reports.
The Bancrofts and Rupert Murdoch are set to discuss The Journal's editorial independence.
The investor has already called the Journal a trophy property.
The Wall Street Journal publisher's shares spiked after its board said it would entertain a sale.
The ethics dispute is a red herring, believes Cramer.
Yahoo! is among the most searched stocks on TheStreet.com. Here's what Cramer had to say about the stock recently.
Catch up on his thinking on the hottest topics of the past week.
Investors will have to deal with a Fed meeting and another flood of earnings and economic data.
Ensco International and Echelon have the potential to move higher in coming days.
See who made what calls.
The addition of video is helping telecom companies compete against cable and satellite companies.
The June West Texas Intermediate contract reflects selling pressure ahead of Tuesday's expiration. But stocks in the sector are generally trading higher.
See who made what calls.
Keep on top of the market and the critical information you need to make more profitable investing decisions.
Sponsored by:
RSS
