Yesterday we wondered whether the language in the Dow Jones & Co. statement indicating that only a “slight majority” of the voting shares would oppose the bid from Rupert Murdoch’s News Corp was a sign that the thirty-five member Bancroft family, which controls close to 65% of the voting shares of Dow Jones, was divided. This morning the New York Post describes a “generation gap” in the family, with some of the younger apparently dissatisfied with the status quo.
The Post’s Paul Tharp writes:
Five generations of the Bancroft family who control the Wall Street Journal empire have been at odds for the past decade on whether to cash in their withering family fortune to better protect their offspring.
The first open split came in 1997 when two cousins, Elisabeth "Lizzie" Goth - a champion equestrian - and William "Billy" Cox III, a stock investor, voiced concern about the company's stagnant stock price.
Unfortunately, the article doesn’t really deliver on its promise on the generation split, and is too short to describe the different stances of the five generations of the Bancroft family. And, most regrettably, it fails to tell us how this “generation gap” is operating in connection with the proposed News Corp deal.
[A side note: How awkward must it be to work as a Post business reporter right now. Sure the Post and the Wall Street Journal have different styles. But does anyone really think Rupert Murdoch intends to go on paying for a business section in the Post when he’s got an army of business reporters at Dow Jones? Won’t synergy be spelled “l-a-y-o-f-f” for everyone but the very best Post staffers?]
Generation Gap Over Future [New York Post]