News Corp. chairman Rupert Murdoch met with key members of the Bancroft family, the controlling shareholders in The Wall Street Journal parent Dow Jones, in person Monday at the Bancrofts' law firm of Wachtel, Lipton, Rosen & Katz in New York, AP reported.
News Corp. submitted a $5 billion cash bid for Dow Jones May 1, which the Bancrofts initially rejected.
AP reported that Murdoch emerged from the building late Monday afternoon and said the meeting was long and constructive, but he did not go into detail, while a Bancroft family spokesman said the two sides "had a constructive dialogue and have gone back to consider our positions," declining to elaborate.
Murdoch has said that he would invest in the Journal and ensure its editorial independence, which the Bancrofts and Dow Jones employees have said is “paramount to the company's mission,” according to AP.
