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NEW YORK - The Bancroft family, controlling shareholders of Dow Jones & Co, are set to submit a new set of proposals to News Corp on how to protect the Wall Street Journal's editorial independence, the Journal reported yesterday.
News Corp has offered US$5 billion ($6.7 billion) to buy Dow Jones, but the Bancrofts have voiced concern that chairman Rupert Murdoch could have too much influence over the company's flagship newspaper.
The Journal in its online edition cited people familiar with the matter as saying that Bancroft family advisers could send News Corp a new proposal regarding a special board to safeguard the paper as early as today.
The newspaper said it was unclear if the changes would bridge differences over how to enforce rules designed to protect the Journal's independence.
The newspaper reported that the Bancrofts were willing to continue talks with News Corp only if an agreement over safeguarding the Journal could be reached.
It said the Bancroft family wanted to include enforcement clauses in any agreement and ensure that the newsroom of the Wall Street Journal had strong representation on the special board.
The board would also have the power to hire and fire the managing editor of the Journal, the report said.
- REUTERS
