KEY POINTS:
NEW YORK - News Corp has offered the members of Dow Jones & Co Inc's controlling family, the Bancrofts, a seat on News Corp's board if they approve a US$5 billion ($6.9 billion) buyout offer.
In a letter sent to members of the family on Friday, News Corp Chief Executive Rupert Murdoch promised to preserve the journalistic integrity of Dow Jones' flagship newspaper, The Wall Street Journal, and said he would establish an editorial board to oversee the news pages.
Murdoch also said he would retain current management.
Murdoch's News Corp offered to buy Dow Jones for about US$5 billion, or US$60 a share, earlier this month, but a representative of the publisher's controlling shareholders said at the time they would vote against the bid.
The takeover would make Murdoch a major player in global financial news.
In the letter, obtained by Reuters, Murdoch wrote: "I would appoint a member of the Family to the Board of News Corporation. The family has been an excellent steward of Dow Jones for many generations. I would hope that including a family member on the Board would help alleviate any concerns about maintaining journalistic integrity and ensure good communication between the family and News Corporation going forward."
Murdoch added he would welcome an opportunity to meet with members of the family, board, management and the newsroom for them to review his proposal in further detail.
A Dow Jones spokeswoman said the company was aware of the letter, but declined further comment.
A representative for the Bancroft family was not immediately available for comment.
Dow Jones' shares rose 1.6 per cent to US$53.91.
- REUTERS
