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NWS-DJ: Murdoch Woos; Some Investors Stew

By Staci D. Kramer - Thu 03 May 2007 09:57 PM PST

Rupert Murdoch wants to meet with the Bancrofts as a group—accompanied not by his high-powered exec team, but by his high-powered adult children James, Lachlan and Elizabeth. He told the NYT: “My real intention is to try to get a meeting, not to impress them with my charm — if I have any — but to impress them with the intentions and feelings of my adult children.” (That would seem to take the starch out of anyone who expects a non-family member to succeed Murdoch.)

But, he also told the NYT, he won’t try to lobby any individual members of the Bancroft family: “I don’t want to be in a position of putting one Bancroft against another Bancroft. I’m not in the business of stirring up trouble in the family.” Instead, he plans to use another tactic: patience. Then again, Murdoch has been patient for years when it comes to Dow Jones. The $60 bid at 67 percent premium was meant “to get the attention of the owners.”

Other items of interest:

-- He said he would keep CEO Richard Zannino and new WSJ editor Marcus W. Brauchli—and that he would not bring in News Corp. editors.
-- He said he would rename the Fox Business Channel to a name with “Journal” in it if it’s legally possible.
-- He would revitalize the Europe and Asia editons.

WSJ: Meanwhile, reporters at the WSJ are being urged to write several Bancroft family members to lobby against a deal. The paper in the center of the storm also reports that the Ottaway faimily would vote against News Corp. with its 6.2 percent of Class B shares.

And, in various quarters, the debate rages on over whether the Bancrofts have the right to say no—even though they certainly have the power to reject any offer.

You can catch up on our coverage through our WSJ and News Corp. archives. 

Posted in: Companies, News Corp., WSJ-DJ, Media, Newspapers, VC+M&A



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