WSJ's Bancroft family nixes lawyers' proposal

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The Bancroft family that controls Wall Street Journal publisher Dow Jones & Co. has rejected its own lawyers' draft of a plan to protect the paper's independence as too timid, according to the New York Times.

The proposal drafted by lawyers for the Bancroft family, which is weighing a $5 billion takeover offer by Rupert Murdoch's News Corp., did not go far enough to protect the editorial integrity of the Journal, the Times said.

The rejected proposal would have created a committee with the power to hire and fire the paper's top editors and some control over newsroom budgets.

It also would have put a two-year moratorium on cuts in Dow Jones news staff and would have protected the jobs of current top editors and the publisher at the Journal.

A new plan to be presented to News Corp. will be "significantly different," the Times said, citing Bancroft advisers, but it was not clear which aspects of the old plan the family has rejected.
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