Dow Jones Takes One Step Towards a Sale

Who knew? Apparently the board of Dow Jones is good for something after all: the WSJ's Sarah Ellison is reporting that they're going to take over the negotiations with Rupert Murdoch.

It's clear that there's enough internal dissent within the Bancroft family that they'll never agree to anything without a bit of outside pressure. The board is the obvious entity to provide that pressure, if only because of the fact that it does have a substantial family presence, so the Bancrofts aren't exactly being left out of the loop.

If the board – including the board's family representatives – recommends a deal to the family, it will be very hard, I think, for the family to say no. Unless, of course, the NYT's investigation into Murdoch turns up some serious dirt. Then, all bets are off.

And whither all the bellyaching about editorial independence? I'm sure that the Dow Jones board and News Corp between them can come up with something impressive-sounding. But if Murdoch buys a paper, he intends to control it. So don't expect his hands to be tied very tightly.