By: E&P Staff
The Independent Association of Publishers’ Employees (IAPE) released a statement this afternoon about News Corp.’s offer to acquire Dow Jones & Co. The full text is reproduced below.
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.
Related: Murdoch Offers $5 Billion for Dow Jones