NWS-DJ: React Is All Over The Board

CNBC’s report of News Corp.’s unsolicited $5 billion bid for Dow Jones quickly ricocheted across the business and media worlds. A sampling:

WSJ: “While the Bancrofts have the power to block any deal, thanks to supervoting “B” shares that carry 10 times the voting power of “A” shares, the family also is now far-flung and comprises at least 35 members. More than two-thirds of the Class A shares changed hands yesterday, likely putting many in the hands of merger arbitrageurs who typically push for a deal.”
— The offer letter was delivered by Allen and Co. managing director Nancy Peretsman and dated just before the April 18 annual meeting. “The letter made no mention of cost cuts and suggested that News Corp. was prepared to put significant capital into the company. … He noted that he understood ‘the challenges of transitioning into a digital future,’ while saying he wanted to extend Dow Jones’s print and online businesses across the U.S. and abroad. Combining the two companies would provide ‘a digital platform upon which Dow Jones’ management and employees can build.'” A DJ board meeting is scheduled for today.

Joe Nocera, NYT: “… if the family tells Mr. Murdoch to take a hike

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