Tag: Dow Jones

Feeling blue about Rupert

The Audit, the Columbia Journalism Review’s indispensible blog, offers an interview with James Ottaway, that is one of the best pieces on the News Corp. wooing of the Dow Jones board that I’ve come across. (CJR also ran this absolutely terrifying online profile of Murdoch last week that is a must read for anyone interested in the future of The Wall Street Journal and American journalism.)

The Murdoch sale, according to Ottaway, a shreholder who “ran the largely profitable Ottaway unit within Dow Jones, and held various other posts until 2003, and served on the board of directors until last year,” says a News Corp. takeover would result in “more media concentration in the hands the people who use their media power for personal, political, and business interests, as Murdoch does so blatantly with the New York Post, FOX News network, Star TV in China, Phoenix TV in China.”

That, he says, violates the American tradition of journalism.

The American tradition, which I think is a higher standard, produces a higher-quality of journalism. This wasn’t (always the case) from the founding of the country when we had highly partisan press run by political parties and individuals. Jefferson starting a newspaper to attack Adams when they were running for president. We’re a long way from that. But since the Second World War, the principle has been that in your news columns, you report accurately, fairly, as objectively as you can. And on your editorial pages, you can state your personal political—business interests if you want—but generally, American journalism has been to act with a sense of public service in the way you run your newspapers and to consider a newspaper…a public trust, and not just a personal piggybank.

Otherwise, he says, you have “capitalism gone crazy.”

What we’re in danger of losing is fact-based journalism that serves as a basis for public debate. I fear for the country if we do not have unbiased news sources available to every citizen so that they can hear all sides of major public issues and make intelligent decisions when they vote or speak for or against candidates or issues; where the information is based on some agreed-upon factual starting point. Otherwise everything is propaganda and biased information, and nobody knows what the truth is.

And he offers this final thought:

I am saying privately to many of the Bancrofts, and would say publicly: We should not sell Dow Jones and Ottaway Newspapers to Rupert Murdoch. If some of the family members want to sell their Dow Jones shares, let us find a way to buy them out that is not damaging to Dow Jones and its reputation for absolute integrity in reporting and analyzing global business news. Let us find new investors to help us build the company, and not sell it to a company like News Corp, whose core business is entertainment, and whose newspapers are either tabloid fluff or weapons to enhance the business and political interests of Rupert Murdoch.

South Brunswick Post, The Cranbury Press
The Blog of South Brunswick
The Cranbury Press Blog

E-mail me by clicking here

Email me at grassroots at comcast dot net.

Murdoch, Dow Jonesand the South Brunswick taxpayer

I tink Paul Krugman is correct about the potential sale of Dow Jones and The Wall Street Journal to Rupert Murdoch and News Corp. It will be a dark day for journalism if it happens.

It also could create issues in South Brunswick, where Dow Jones has its headquarters and a major regional printing plant. (And ramifications for my own financial security — my wife works there.) Should Murdoch opt to layoff large numbers of Dow Jones employees, close the Kilgore facility (named for the father of the Packet’s publisher) or severely alter its use, it could cause a change in its tax valuation and reduce the amount it has to pay for taxes. At one time — I don’t have the current numbers — Dow Jones was paying 2 cents of every tax dollar collected by the township. That’s not chump change by any means. If its tax payments are cut, then the rest of us who live in South Brunswick will have to pick up the rest of the tab.

South Brunswick Post, The Cranbury Press
The Blog of South Brunswick
The Cranbury Press Blog

E-mail me by clicking here

Email me at grassroots at comcast dot net.

Dow Jones: Dum da dum dum

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.

South Brunswick Post, The Cranbury Press
The Blog of South Brunswick
The Cranbury Press Blog

E-mail me by clicking here

Email me at grassroots at comcast dot net.