I received this press release from Dow Jones last night (saw it this morning):
Dow Jones & Company(NYSE:DJ) said that a director who is a representative of the Bancroft family, Michael B. Elefante, has informed the Dow Jones Board of Directors that:
“After a detailed review of the business of Dow Jones and the evolving competitive environment in which it operates, the Family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organization, which may include News Corporation.”
Accordingly, the Family has advised the Company’s Board that it intends to meet with News Corporation to determine whether, in the context of the current or any modified News Corporation proposal, it will be possible to ensure the level of commitment to editorial independence, integrity and journalistic freedom that is the hallmark of Dow Jones.
“The Family also indicated its receptivity to other options that might achieve the same overarching objective.”
In that connection, Mr. Elefante informed the Board of Directors that representatives of the Bancroft family would be meeting with representatives of News Corporation, including Mr. Rupert Murdoch,solely to discuss the issues related to journalistic integrity raised by the News Corporation proposal to acquire all of the outstanding shares of Dow Jones common stock and Class B common stock. Mr. Elefante advised the Board of Directors that there was no assurance the discussions would lead to a proposal satisfactory to the members of the Bancroft family. Mr. Elefante further indicated to the Board of Directors that all aspects of News Corporation’s proposal, including the price and the terms proposed by News Corporation, could be the subject of subsequent negotiation by the Board and the Bancroft family.
In light of this information, the Board of Directors has determined to consider strategic alternatives available to the Company, including the News Corporation proposal. The Board of Directors also indicated that are representative of the Board of Directors would be present at the Bancroft family’s discussions with Mr. Murdoch and News Corporation.There can be no assurance that any transaction or other corporate action will result from this exploration of alternatives or that the Board of Directors or the members of the Bancroft family will support any specific proposal received by the Company.
On a personal level, this makes me a bit nervous. As I’ve written here in the past, my wife works for Dow Jones, which means a large chunk of our livelihood — not to mention our retirement and health insurance — could be on the line if something goes down.
On a larger journalistic level, folding the Journal into a news media empire that relies on selling sensationalism and whose corporate management has never been afraid of directing coverage to favor its business interests cannot be good for the industry.
On a local level, there are concerns as well. Dow Jones is South Brunswick’s largest taxpayer, paying about two cents on the dollar (last I checked). hat might News Corp. — or some other entity — do with the Kilgore Center on Route 1? The printing plant makes it a valuable commodity, but there are no guarantees. Any significant change in use could reduce Dow Jones’ tax responsibilities, shifting them onto the rest of the township’s taxpayers — meaning we could see higher taxes here.
All in all, not the kind of news I wanted to wake up to this morning.
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Hank Kalet 
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