Dow Deal Done

From the Times:

The Bancroft family has accepted News Corporation’s $5 billion (£2.46 billion)
offer to buy Dow Jones, the owner of The Wall Street Journal, a Dow
Jones executive said this afternoon, citing an internal company document.

John Prestbo, editor and executive director of Dow Jones Indexes, said that
“the Bancroft family has accepted” the offer, Reuters reported.
Dow Jones “will be part of News Corp”, he added.

Gosh, what a non-surprise.


  1. I gotta hand it to my man Rupert though: he could have cut through the drama and the Bancroft foot dragging and the doubt of whether it’d even get done – all he had to do was “sweeten the deal” – but he knew he was probably overpaying already, and he knew that THEY knew he was overpaying, so he just kicked back on his hammock (can you picture him in aloha shorts, sunburned belly, Oakleys, sipping a Mai Tai with a parasol, kickin’ it on a hammock between a couple of palm trees?) and let the game come to him. Sweet.

  2. Ah, nicely put. He knew he was overpaying, and he knew they knew, indeed. So, the rest? Melodramatic brinkmanship.