May 1, 2007
NewsCorp Bid for DJ
Tuesday afternoon, May 1, 2007 the Bancroft family responded to the NewsCorp 5 billion dollar bid for Dow Jones with a "no, thank you." IAPE has made its opposition to a NewsCorp buy-out very clear: We believe a NewsCorp take over would be a direct threat to the prestige, independence and unquestioned integrity of Dow Jones.
At the same time, there's a need to make a couple of points clear as we deal with what are sure to be more stories of possible take-over bids.
Although the contract has expired, all its major provisions remain in effect as long as a new contract is being bargained and the law provides that IAPE would continue to exist and will continue to represent Dow Jones employees as before and that contract negotiations currently in progress would continue.
Steve Yount
President
IAPE CWA 1096
The following is the May 1, 2007 IAPE statement on the initial NewsCorp bid for Dow Jones.
The following is a statement from the Independent Association of Publishers' Employees (IAPE) concerning reports today of an offer by News Corporation for shares of Dow Jones & Company:
The staff, from top to bottom, opposes a Rupert Murdoch takeover of Dow Jones & Co. Since the early part of the twentieth century, the Bancroft family has stood up for the independence and quality of The Wall Street Journal and has built it into one of the world's great newspapers.
Mr. Murdoch has shown a willingness to crush quality and independence, and there is no reason to think he would handle Dow Jones or The Journal any differently. Despite our differences of opinion with current management, we strongly encourage the Bancrofts to continue to stand up for the institution's independence, and to walk away from this offer.
Moreover, the massive premium Mr. Murdoch is offering suggests only one recourse to make the acquisition profitable: gutting the enterprise and slashing the staff that make it the leading financial news organization.
IAPE, local 1096 of The Newspaper Guild - Communications Workers of America, represents employees of Dow Jones and Company and Factiva in over fifty locations across the United States and Canada.