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White Knight Needed to Save Wall Street Journal/Dow Jones

Reported by Marie Therese - June 1, 2007 -

This morning on CNBC's Squawk Box hosts Becky Quick and Joe Kernan interviewed New York Times reporter Andrew Ross Sorkin about the depressing news that members of the Bancroft family, owners of Dow Jones & Company, have said they are willing to sit down with media mogul Rupert Murdoch to discuss a selling price higher than the one he initially offered them. As you may recall, Murdoch, in a bold move to achieve greater control over what the financial community reads, sees and hears, offered the Bancrofts far more than Dow Jones is worth. Dow Jones has a lucrative internet presence and is publisher of one of the few truly independent newspapers still left in the United States, The Wall Street Journal. The Bancrofts have said they are open to other offers. Sadly, Andrew Sorkin doesn't think there are any "white knights" out there willing to step forward and rescue a truly great paper from the clutches of a modern-day William Randolph Hearst. Having seen how Murdoch controls the content of FOX News Channel, we News Hounds know that a sale to Murdoch will eventually mean the end of the Wall Street Journal as an independent voice for business. With video.