Ex-Dow Jones CEO Would Get Fat on a Sale
The Bancrofts aren't the only Dow Jones institutions who will make a fortune if the deal goes ahead.
Take husband and wife team Peter Kann and Karen Elliott House, the legendary power couple at Dow Jones until their retirement in the past year. Kann was company chairman and chief executive. House rose to become publisher of the Journal.
Company filings show that the couple retired with as many as 944,750 options and contingent stock rights as of Dec. 31, 2006. The only problem? Nearly all of those options were worthless. They had exercise prices over $40, and in some cases over $50.As the couple walked out the door, they must have thought those days had come and gone. Today? Those options and stock rights, if they still hold them, will be worth $18 million. A spokesman for Dow Jones declined to comment. Take the money and run, folks. Hardly anyone believes Dow Jones will see a $60 share price again. The giveaway fact? The dog that isn't barking: other newspaper shares. Dow Jones is up 66% since the end of April, thanks to Murdoch's offer. The New York Times
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