Wallstreet Goes Yellow and Owned
- From: lorad474@xxxxxx
- Date: Sat, 07 Jul 2007 12:37:06 -0700
Haven't had enough 'Infotainment'?
Cheer up buckos... the meglomaniac who has bought up a good chunk of
world media - replacing it with topless bimbettes and sniffings at
royals - is poised to take the staid old Wall Street Journal unto his
tendencious bossom.
Good thing all of those old anti-monopoly laws have never been
invoked, eh?
For educational purposes:
" LONDON: Rupert Murdoch's bid for Dow Jones, owner of the Wall Street
Journal, is almost close to completion.
The Business, a UK magazine, reported unequivocally that Murdoch has
succeeded with his $5-billion bid for Dow Jones, quoting sources
acting for the Wall Street Journal owner's board. The announcement,
said the magazine, is due next week.
Media and M&A watchers here jumped on the news-break, as it was
bylined by Andrew Neill, former editor of the Sunday Times, and known
as a key Murdoch lieutenant and now chief executive of Press Holdings,
which owns the magazine. The magazine is part of the Barclay Brothers-
owned Telegraph group in the UK.
Soon after the break, agencies reported that a spokesperson for Dow
Jones said that the news is 'incorrect' and quoted unnamed sources
that the discussions are still on about issues like pricing.
News Corp is expected to pay $60 a share for Dow Jones stock, a 67%
premium on the $36 a sha re price in April before news of the bid
leaked, the magazine said. The chances of Mr Murdoch's bid success
jumped after Pearson and General Electric decided against making a
rival offer.
Younger members of the Bancroft family are believed to have pressured
their relatives to accept the offer, the Guardian reported. It quoted
News Corp insiders as saying it is 'much more likely' that a deal will
be reached with the majority of
the Bancroft family, after the Journal's managing editor Marcus
Brauchli gave cautious support to an agreement, backing an independent
committee to safeguard editorial independence.
The deal, said reports, is expected to include measures for the
editorial independence and integrity of the Wall Street Journal.
The Bancroft family, it is reported, are unwilling to be seen as
selling out the editorial independence of the WSJ.
The arrangement, which includes an independent panel with veto power
over News Corp's decisions to appoint key editorial people, is a
tougher version of the one put in place by the British government when
Murdoch bought The Times and The Sunday Times in 1981, reports said. "
http://economictimes.indiatimes.com/Murdoch_finally_gets_Wall_St
reet_Journal/articleshow/2183719.cms
.
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