“We did a deal with the devil”

A number of key members of the family which controlled The Wall Street Journal say they would not have agreed to sell the prestigious daily to Rupert Murdoch if they had been aware of News International’s conduct in the phone-hacking scandal at the time of the deal.

Christopher Bancroft

“If I had known what I know now, I would have pushed harder against” the Murdoch bid, said Christopher Bancroft, a member of the family which controlled Dow Jones & Company, publishers of The Wall Street Journal. Bancroft said the breadth of allegations now on the public record “would have been more problematic for me. I probably would have held out.” Bancroft had sole voting control of a trust that represented 13 percent of Dow Jones shares in 2007 and served on the Dow Jones Board.

Lisa Steele, another family member on the Board, said that “it would have been harder, if not impossible,” to have accepted Murdoch’s bid had the facts been known. “It’s complicated,” Steele said, and “there were so many factors” in weighing a sale. But she said “the ethics are clear to me — what’s been revealed, from what I’ve read in the Journal, is terrible; it may even be criminal.”

Elisabeth Goth, a Bancroft family member not on the Board who had long advocated change at Dow Jones, expressed similar sentiments. Asked if she would have favored a sale to Murdoch in 2007 knowing what she does today, she said, “my answer is no.”

“Reading all this makes me sick to my stomach,” [Bill Cox III] said. In a subsequent email, he went even further: Rupert Murdoch, he wrote, “thinks he is completely above the law as he always has.” Cox added, “We did a deal with the devil and it really saddens me [that] the editorial of this quasi public trust that has been on the vanguard of world journalism for years is not in good hands. That I am really struggling with.”

Read the whole thing here.

_____

Rupert Murdoch’s News Corp is the majority owner
of the National Geographic Channel.

Rupert Murdoch

NO NEW POSTS will be published here after February 6, 2014. THIS IS WHY.