In November, Steele and a family lawyer broke the news of Bancroft's selection to the clan in a painfully straight-faced email later published in the Journal. It read, in part, "While News Corp. is aware that other members of the family received more support from within the family, News Corp. has interviewed Natalie and elected to nominate her. We trust that Natalie will endeavor to represent effectively the family's interests on the News Corp. board." The family's reaction to the news was "mixed," says Hugh Bancroft, Natalie's father, and few congratulatory phone calls trickled in. One of those was placed by Michael Hill, who praises his cousin's "tenacity" but says the position was rightfully his. "I was the family representative, by majority vote. I think I would've been a good board candidate. Not to take anything away from Natalie. Obviously she hasn't been involved historically as much as I have, because she's not as old," says Hill, 47.

The question now is how this musical child of jet-set privilege will interact with News Corp.'s powerful board, which oversees a $64 billion media empire. So far, Bancroft has met her future colleagues just once, at a dinner in December. She is the only woman and the youngest by almost a decade; the member closest to her in age is James Murdoch, one of Rupert's sons, who is 35 and heads News Corp.'s European and Asian operations. Her other colleagues include Thomas Perkins, the 76-year-old venture capitalist; Rod Paige, 74, the former U.S. secretary of Education; and José María Aznar, 55, the former prime minister of Spain.

During her two-year term, Bancroft will be paid $195,000 annually in cash and stock. (She is up for re-election in 2010, and according to the terms of sale, News Corp. will maintain a position on its board for a family representative until 2018.) She appears to be doing her homework: She has already traveled to Los Angeles on News Corp. business and is studying the company's board books. Among other initiatives, Bancroft plans to reach out to senior management at News Corp. and to meet with journalists. She also says she will resume a journalism course that she enrolled in after high school but never completed, at the London School of Journalism. "I'm working my little butt off," she says.

Only a few of Bancroft's fellow board members will speak about her publicly. Stanley Shuman, managing director at Allen & Co., an investment firm, says she's "bright and serious." Through a spokesman, Rupert Murdoch concurs, saying she has "already shown great energy and interest in all aspects of the business." Yet the impact Bancroft will have on the 17-member board is questionable. Murdoch is a notoriously hands-on C.E.O., and the board makes its decisions by majority vote, so a few holdouts don't matter. In addition, Bancroft brings little business savvy to the table. "Her profile is different," says Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. "She's young, and her experience range hasn't been in corporate enterprises." Though Bancroft is just one director out of many, Elson adds, "I can't imagine, if you're a shareholder, this is something you would be particularly excited about."

One reason Hugh Bancroft thinks Murdoch chose Natalie for the director's job over other relatives is that she was willing to move the company forward. Unlike Michael Hill, Hugh believes, his daughter also understands what her role will be. It's not "someone pounding their chest as a Dow Jones representative," he says. "You're a News Corp. employee. Natalie's job is not to run to the family." Hugh was always in favor of selling the company to Murdoch and modernizing Dow Jones. "Hell, we invented the ticker tape," he says. "Why don't we go on from there?"

Natalie's position wasn't finalized until December, when the sale went through, and she is still adjusting to her newfound notoriety. Though looking forward to her service—her first board meeting was scheduled for February 12—she remains focused on her singing career. "I could not live without doing music," she says. "That's the priority in my life, no question about it." She is having new headshots made and has auditioned for various opera companies. And while she says her artistic career and her News Corp. duties have nothing to do with each other, in a funny way, there is a link.

"The Wall Street Journal makes me think of opera," she points out. "People are afraid of it."