The Dow Jones Deal And The Market's Confidence In It HappeningJon Fine
Yeoman (and –woman) work is being done over at the Wall Street Journal in documenting the Bancroft-ian angst over selling Dow Jones to News Corp. for $60 a share. Ditto for the attempts to unravel, or at least describe, the complex and many-tentacled structure of the trusts that control much of the family’s supervoting stock.
The Journal’s reporters—shoutouts here to Sarah Ellison, Susan Pulliam, Matthew Karnitschnig, Dennis K. Berman and Susan Warren, who have had to cover an emotionally-charged situation unfolding in real-time and which closely concerns their possible future employer—have been writing it’s too close to call whether or not enough Bancroft votes will let the deal happen.
Me, I’m still pretty convinced that a News Corp-Dow Jones deal gets done. The weird thing is, despite today’s massive front-pager at the Journal that … well, it didn’t exactly suggest the deal was a slam-dunk, but Dow Jones stock started jumping this morning anyway, as this chart shows:
Having the stock hover between $54 and $55 still indicates the market doesn’t see it as a done-deal just yet—remember there was a time after the bid was made public when the price topped $61—but it’s leaning more in that direction that it had been earlier this week.