Report: Bancrofts to meet with News Corp.
Family says Dow Jones may be better suited in combination with another organization like News Corp, paper reports.
NEW YORK (CNNMoney.com) -- The Bancroft family, which has a controlling interest in the parent company of The Wall Street Journal, said it would meet with News Corp. to discuss its $5 billion buyout offer for Dow Jones, the paper's online site reported Thursday.
Citing a statement issued by the Bancroft family, the Journal reported that the family plans to meet with News Corp. (Charts, Fortune 500) to see if "it will be possible to ensure the level of commitment to editorial independence, integrity and journalistic freedom that is the hallmark of Dow Jones."
"After a detailed review of the business of Dow Jones and the evolving competitive environment in which it operates the Family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organization which may include News Corporation," according to the statement reported by the Journal.
The family also said it is open to other options, the Journal reported.
On May 1 News Corp. offered $5 billion, or $60 a share, for Dow Jones. Shortly thereafter, News Corp. chairman Rupert Murdoch offered the Bancrofts a seat on the company's board if they accept his bid.
The Dow Jones board initially did not act on the offer since it believed the Bancroft family, which owns 52 percent of the outstanding voting power, would vote against the deal.
Members of the Bancroft family have spoken out against the deal, contending that the buyout would endanger the Wall Street Journal's independence.
Outside investors like T. Rowe Price, which owns about a 15 percent stake in Dow Jones, have said that the bid is attractive and should be considered.
The family did stress in the statement issued to the Journal that there were no assurances that talks with News Corp. would result in any deal or negotiation of a deal.