One of the iron rules of negotiation is that it takes more than one buyer to raise the price. For a week now, in the final stages of capitulating to Rupert Murdoch, the owners of Dow Jones have been trying to use their reluctance as a lever to get him to up his offer.
No sale. Conning the most relentless media acquirer of our age is a waste of time, especially when his bad reputation is your only tool. Murdoch has stood fast, and now the deal is back on track, if the soon-to-be-his Wall Street Journal has got it right.
But in an act of largesse, Murdoch will leave the Bancroft family a tip by picking up the $30 million tab of their advisers on the deal.
Showing posts with label Dow Jones. Show all posts
Showing posts with label Dow Jones. Show all posts
Tuesday, July 31, 2007
Thursday, July 26, 2007
Dow Jones Goes Down Under
The media melodrama is over. Apparently enough of the Bancroft family will accept Rupert Murdoch’s $5 billion Faustian bargain for the Wall Street Journal.
But give them credit for a struggle to save their souls. At a family meeting Monday night, the Journal reported, one of the matriarchs, 77-year-old Jane Cox MacElree, argued against making the deal with the Devil by invoking the martyrdom of Daniel Pearl.
"He put his life on the line for the paper," Ms. MacElree said, citing the reporter who was kidnapped and killed by Al Qaeda in Pakistan.
Ms. MacElree was supported by daughter, Leslie Hill, a Dow Jones director and former airline pilot, who waved a quarter-inch-thick manila envelope filled with letters from Journal reporters and editors who protested a deal with News Corp.
“She said it was their voices that mattered.” the Journal reported. “In a halting speech, she was on the verge of tears as she talked about the reporters' dedication to their jobs, and told family members they owed it to the Journal's rank and file not to sell the paper, according to participants.”
What’s remarkable about this prolonged struggle is not that the various branches of the Bancroft family finally succumbed to Murdoch’s offer that doubled the market value of their holdings but that so many resisted for so long.
In the era of corporate journalism, it’s sad to witness the loss of another leading family-owned company with the principles expressed by Ms. MacElree and her daughter, but there is a kind of cold comfort in seeing that such sentiments still exist.
Their time may have passed, but Murdoch’s won’t last forever, either.
But give them credit for a struggle to save their souls. At a family meeting Monday night, the Journal reported, one of the matriarchs, 77-year-old Jane Cox MacElree, argued against making the deal with the Devil by invoking the martyrdom of Daniel Pearl.
"He put his life on the line for the paper," Ms. MacElree said, citing the reporter who was kidnapped and killed by Al Qaeda in Pakistan.
Ms. MacElree was supported by daughter, Leslie Hill, a Dow Jones director and former airline pilot, who waved a quarter-inch-thick manila envelope filled with letters from Journal reporters and editors who protested a deal with News Corp.
“She said it was their voices that mattered.” the Journal reported. “In a halting speech, she was on the verge of tears as she talked about the reporters' dedication to their jobs, and told family members they owed it to the Journal's rank and file not to sell the paper, according to participants.”
What’s remarkable about this prolonged struggle is not that the various branches of the Bancroft family finally succumbed to Murdoch’s offer that doubled the market value of their holdings but that so many resisted for so long.
In the era of corporate journalism, it’s sad to witness the loss of another leading family-owned company with the principles expressed by Ms. MacElree and her daughter, but there is a kind of cold comfort in seeing that such sentiments still exist.
Their time may have passed, but Murdoch’s won’t last forever, either.
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