Rupert Murdoch introduced himself to members of the Bancroft family yesterday in an effort to convince them to accept the five billion bucks that News Corporation has offered for Dow Jones & Co., including the Wall Street Journal. Afterward, he called the meeting "constructive." No announcement of an actual deal was expected to come out of the meeting, but it does show that the Bancrofts, who have controlled DJ & Co. for 100 years, are now seriously considering other options. Will Rupert's sweet-talking do the trick? Much as some at the company would like to see a white knight ride in on a horse to carry the company elsewhere, Murdoch's bid is so generous that it appears unlikely any other bidder will match it, let alone top it. Even so, the union representing many WSJ staffers has now hired its own financial advisor to try to find something, anything, other than News Corporation as an option.
TVBR observation: Why the rabid fear of Rupert Murdoch among WSJ staffers? It is hard to discern a real gulf between the political bent of the WSJ and that of Fox News Channel. One columnist, and we unfortunately can't remember who it was, even suggested that the WSJ might move a little to the left with Murdoch at the helm.