NEW YORK — Media mogul Rupert Murdoch stepped up his campaign to woo the family that controls Dow Jones & Co. on Monday, meeting in person with key members of the Bancroft family to offer his assurances that the Wall Street Journal would continue its long tradition of excellence under his stewardship.
The family had initially rebuffed
Murdoch's $5 billion offer for the company in early May, but they agreed Thursday to meet with him.
The family said they were most concerned about protecting the editorial independence and integrity of the Wall Street Journal.
The union representing Dow Jones employees, which strongly opposes Murdoch's bid, said Monday it had retained financial advisers to explore alternatives to selling the company to Murdoch.
Dow Jones didn't return calls seeking comment about the meeting with Murdoch, but the Journal reported Monday that the meeting, to be held at the Bancrofts' law firm of Wachtell, Lipton, Rosen & Katz in New York, would be part social gathering and part business meeting. Murdoch was seen entering the law firm's building early Monday afternoon.
The Bancroft family controls 64 percent of Dow Jones' shareholder vote through a special class of shares and can block any attempt to take over the company.