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Controlling family opposes selling Dow Jones

Posted by Cory Bergman on May 1, 2007

The majority of shares from the family that controls a majority stake of Dow Jones will vote against selling the company to News Corp., a trustee said. This despite an extremely generous $5 billion all-cash offer that sent Dow Jones’ stock skyrocketing. Members of the company’s union also opposed the takeover. “The staff, from top to bottom, opposes a Rupert Murdoch takeover of Dow Jones & Co.,” they said in a statement. “The massive premium Mr. Murdoch is offering suggests only one recourse to make the acquisition profitable: gutting the enterprise and slashing the staff that make it the leading financial news organization.”

Earlier: News Corp bids for Dow Jones Company

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