Dow Jones' Bancrofts Mull Murdoch's Takover Bid

Members of the Bancroft family met Monday afternoon to discuss a takeover proposal from media mogul Rupert Murdoch and News Corp. but the outcome of those discussions has not yet emerged, reported CNBC's David Faber.

"They may in fact decide to entertain or sit down and meet with Murdoch or perhaps a pair of their own advisors to meet with News Corp.'s advisors -- it is simply not clear," Faber said Monday afternoon. "But we can tell you that the Bancroft family or at least some parts of the family are engaged in the meeting at present and are discussing that News Corp. offer of $60 a share."

Earlier today, details emerged regarding a letter Murdoch recently sent to the Bancrofts, which own a majority interest in newspaper publisher Dow Jones. Murdoch said he will add a family member to News Corp. board should his proposed takeover offer be accepted.

In addition, Murdoch said he would also set up an autonomous editorial board in order to maintain the newspaper's integrity.

Some members of the Bancroft family are interested in meeting with Murdoch to discuss News Corp.'s $5 billion acquisition offer, according to the Financial Times.

The Bancrofts have a 64.2% voting stake in Dow Jones, and while a few of the 35 family members want to meet with Murdoch, others strongly oppose selling at any price, the FT said.

Those in opposition are concerned that Murdoch would interfere with the editorial operations of Dow Jones and hurt the integrity of the Journal, the flagship publication.

Contact U.S. News


    Get the best of CNBC in your inbox

    › Learn More*

Don't Miss

U.S. Video

  • CNBC's Tyler Mathisen looks back at the week's top business and financial stories. The markets were closed for Thanksgiving, but did manage to hit new highs. Low oil prices gave consumers more money to spend for Black Friday.

  • Cyber Monday deals on Walmart's website on Dec. 2, 2013.

    CNBC's Tyler Mathisen looks ahead to what are likely to be next week's top stories. The jobs report comes out this week, as do auto sales. And the Rockefeller Center Christmas tree is lit.

  • Following last week's wild energy ride, analysts expect oil prices to continue to drop during the holiday season. CNBC's Patti Domm reports.