Dow Jones & Co., publisher of the Wall Street Journal, has effectively put the media company up for sale, saying last night that it would entertain purchase offers, including an unsolicited bid from Rupert Murdoch that was turned down one month ago.In a statement released by the company last night, Dow Jones's controlling family owners, the Bancrofts, said the company's ownership structure may no longer be tenable.
The Bancroft family, which owns 24 percent of Dow Jones shares but holds 64 percent of voting power through a dual-class stock system, said: ". . . the mission of Dow Jones may be better accomplished in combination or collaboration with another organization which may include News Corporation," the media company controlled by Murdoch.
The Dow Jones board said last night it would "consider strategic alternatives," essentially putting the company on the block, but warned that a sale is not guaranteed. However, the company probably would not be in its current position were it not faced with Murdoch's substantial and surprise bid, which has excited shareholders and put pressure on the company to sell.
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