Murdoch promises 'journalistic integrity' at The Wall Street Journal
News Corp. chairman Rupert Murdoch sends pleading letter to Dow Jones and Bancroft family, owners of The Wall Street Journal, following $5 billion bid
Rupert Murdoch, the chairman of News Corp. and owner of the tabloids The Sun in England and the New York Post, is promising to retain the journalistic integrity of The Wall Street Journal and its parent company Dow Jones if he succeeds in acquiring them for $5 billion.
In a letter sent over the weekend to members of the Bancroft family that owns the company, Murdoch asked to meet with the family and company officials. He assured them that he is "first and foremost" a "newspaper man." "I have also always respected the independence and integrity of the news organizations with which I am associated," he wrote. Murdoch promised to establish an independent, autonomous editorial board, appoint a member of the Bancroft family to the board of News Corp., expand Dow Jones editorial in India and China, put more money into The Wall Street Journal's Washington, D.C., bureau, and invest in the newspaper's headquarters "to ensure it remains a state-of-the-art facility."
News Corp. made an unsolicited offer to acquire Dow Jones about two weeks ago. So far, Dow Jones and the Bancroft family aren't jumping at the opportunity.