GOODY TWO SHOES: Bancrofts Want To Hold Murdoch To A Higher Editorial Standard Than Dow Jones Employees
News Corp. Chairman and Chief Executive Rupert Murdoch has reached an agreement in principle with Dow Jones on editorial protections for the company, and expects the acquisition to be completed within the next two or three weeks, reports The Wall Street Journal. The Bancroft family, which controls 64 percent Dow Jones's voting stock, was holding out for editorial protections and insisted that Murdoch adhere to the Dow Jones Code of Conduct:
The central premise of this code is that Dow Jones' reputation for quality products and services, for business integrity, and for the independence and integrity of our publications, services and products is the heart and soul of our enterprise. …
The Company will suffer, for example, if our customers cannot assume that:
† Our facts are accurate and fairly presented;
† Our analyses represent our best independent judgments rather than our preferences, or those of our sources, advertisers or information providers;
† Our opinions represent only our own editorial philosophies; or
† There are no hidden agendas in any of our journalistic undertakings. …
Any employee who has a question about or becomes aware of his or her own possible violation of this code or by any other employee, or who becomes aware that he or another employee is involved in a transaction or relationship that could reasonably give rise to an actual or apparent conflict of interest, should promptly discuss the situation with his or her supervisor or with the Deputy General Counsel or General Counsel [emphasis, The Stiletto].
The Stiletto can’t figure out how the Bancrofts can compel Murdoch to follow its code after the sale when it can’t seem to compel every Dow Jones employee to follow its code before the sale. The Stiletto is aware of at least one employee who has been pushing a hidden agenda in one of the Company’s journalistic undertakings. So far, with impunity.
[Editorial Note: In an article that is not unrelated to this post, WSJ Work & Family columnist Sue Shellenbarger writes: "Many single people are … increasingly blending work and romance."]
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