Meantime, a draft plan drawn up by the Bancrofts’ lawyers to protect the editorial integrity of the WSJ under potential ownership by News Corporation has been rejected by the family for not being tough enough.
NEW YORK: A new bidder is hovering in the wings of the Dow Jones takeover show, in the shape of an alliance between UK-headquartered media firm Pearson and US conglomerate General Electric.
Talks between the pair, reported in the Pearson-owned Financial Times newspaper and Dow Jones’ flagship title, The Wall Street Journal, are still in early stages and neither party was available for comment.
However, ubiquitous 'sources' say if such a venture were successful, the company would be owned in equal parts by GE and Pearson, with Dow Jones' controlling Bancroft family keeping a minority stake.
The clan is mulling a $5 billion (€3.75bn; £2.53bn) offer for the company, but is concerned that Rupert Murdoch's media empire could compromise the title’s journalistic independence.
Family spokesman Roy Winnick said: "The Bancroft family's advisors and the family members are working together ... to develop a proposed structure that would, if implemented, achieve the family's overarching objective of preserving the editorial independence and integrity of the Journal and its sister publications over the long term."
He added that no proposal would be sent to NewsCorp until family members and their advisors reached a consensus.
Data sourced from reuters.com and latimes.com; additional content by WARC staff