Word: jonesism
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RUPERT MURDOCH, when asked what would happen to the Wall Street Journal if he were to take over Dow Jones
In 1902, Boston boardinghouse owner Jessie Barron bought Dow Jones & Co., publisher of the Wall Street Journal, with a down payment of $2,500. She did this at the behest of her longtime boarder and not-so-longtime second husband, financial writer Clarence Barron. But Mrs. Barron really was the...
The Bancrofts have held a controlling stake in Dow Jones ever since. Jane's husband Hugh Bancroft was company president for a time, but since his death in 1933, the family has mostly kept its hands off. "I want you to do what's best for the company," Jane reportedly...
Now, as you have surely heard, the three dozen cousins who have a hand in voting the shares inherited from Jessie Barron face a momentous decision. Rupert Murdoch's News Corp. has offered to buy them out at a staggeringly high price--$60 a share, or 75% higher than the...
Left standing are the great exceptions to the eat-or-be-eaten model, the family-owned companies behind the country's three best newspapers: the New York Times, the Washington Post and the Wall Street Journal. The Bancrofts were unique in their disengagement from the business they controlled. But their...