File under irony: Dow Jones wants correction to Wall Street Journal story


As my colleague Julie Tilsner told me when she sent this story to me, Dow Jones' (NYSE: DJ) request for a correction from the Wall Street Journal is so rife with irony that it's hard to provide any real commentary.

The Journal reported that Dow Jones director Christopher Bancroft was seeking to have his legal fees covered as part of a deal to support the agreement to be acquired by Rupert Murdoch's News Corp. (NYSE: NWS). Dow Jones, the newspaper's parent, is seeking an unspecified correction to that story. The newspaper has declined to print a correction.

According to Mr. Bancroft, "It's been painted in the press now that negotiations are about Chris Bancroft getting his legal fees. That's not factual." Hmm... Well Zac Bissonnette thinks Chris Bancroft is just upset about being cast in a greedy light by his own newspaper.

In a memo to partner, Bancroft wrote "What I want for my constituencies regarding the News Corp offer to merge with Dow Jones is: 1. The Wall Street Journal has the best editorial protection negotiable; 2. My family receives the same net for the Dow Jones Class B shares as the Dow Jones 'A' common shares received," he said in the letter seen by Reuters."

Congratulations to the Wall Street Journal's editors for not caving in to Bancroft's desire to have a correction made just to avoid making him sound greedy. Hopefully they will have the same courage in future editorial battles with Mr. Murdoch.

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