Bancroft Family Members Express Regrets at Selling Wall Street Journal to Murdoch

Discussion in 'Media' started by Synthaholic, Jul 13, 2011.

  1. Synthaholic
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    Synthaholic Platinum Member

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    Bancroft Family Members Express Regrets at Selling Wall Street Journal to Murdoch


    This story was co-published with The Guardian.


    A number of key members of the family which controlled The Wall Street Journal say they would not have agreed to sell the prestigious daily to Rupert Murdoch if they had been aware of News International's conduct in the phone-hacking scandal at the time of the deal.



    "If I had known what I know now, I would have pushed harder against" the Murdoch bid, said Christopher Bancroft, a member of the family which controlled Dow Jones & Company, publishers of The Wall Street Journal. Bancroft said the breadth of allegations now on the public record "would have been more problematic for me. I probably would have held out." Bancroft had sole voting control of a trust that represented 13 percent of Dow Jones shares in 2007 and served on the Dow Jones Board.


    Lisa Steele, another family member on the Board, said that "it would have been harder, if not impossible," to have accepted Murdoch's bid had the facts been known. "It's complicated," Steele said, and "there were so many factors" in weighing a sale. But she said "the ethics are clear to me -- what's been revealed, from what I've read in the Journal, is terrible; it may even be criminal."


    Elisabeth Goth, a Bancroft family member not on the Board who had long advocated change at Dow Jones, expressed similar sentiments. Asked if she would have favored a sale to Murdoch in 2007 knowing what she does today, she said, "my answer is no."



    *snip*
     
  2. CrusaderFrank
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    CrusaderFrank Diamond Member

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  3. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Wall Street Journal was a once proud paper. They had to know what they were getting when they sold out to a weasel like Murdoch
     
  4. Baruch Menachem
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    Baruch Menachem '

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    I was surprised at the time. I didn't think they would regret it so quickly.
     
  5. CrusaderFrank
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    CrusaderFrank Diamond Member

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    They could have sold it to Pinch Sulzberger for stock in NY Times.

    Yeah, that's the ticket
     
  6. MarcATL
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    MarcATL Gold Member

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