Dow Jones Board Takes Charge

Updated from 5:05 p.m. EDT

Dow Jones (DJ Quote - Cramer on DJ - Stock Picks) said Wednesday that its board is taking control of negotiations over the sale of the company away from its controlling shareholders, the Bancrofts, in a move that could grease the tracks for a deal with News Corp(NWS Quote - Cramer on NWS - Stock Picks).

The Wall Street Journal, Dow Jones' flagship newspaper, reported that the step was taken out of concerns that the ongoing family squabbles over editorial integrity could scare away News Corp. CEO Rupert Murdoch and his $5 billion buyout offer.

In a statement, Dow Jones said that its board and representatives of the Bancroft family agreed that the directors should take the lead in the negotiations, as well as all other proposals. The company emphasized that "any transaction must include appropriate provisions with respect to journalistic and editorial independence and integrity."

Previously, News Corp. was negotiating directly with Bancroft family members over safeguards designed to preserve the editorial standards of its media properties. Murdoch has a history flouting the editorial practices that have long been a cornerstone of publishing traditions at Dow Jones and other U.S. newspaper publishers.

	Is News Corp.'s bid for Dow Jones more likely to succeed now that DJ's board has taken the decision away from the Bancrofts? Answer Here

The Bancroft family, which controls the publisher through a dual-class share structure, wouldn't be completely shut out of the talks. There are three family members on Dow Jones' board -- Christopher Bancroft, Elizabeth Steele and Leslie Hill -- plus an attorney, Michael Elefante with Hemenway & Barnes, who represents the family trusts.

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