Dow Jones-NewsCorp Sale
At the time of the 2007 sale of the Dow Jones Co. to NewsCorp, the Bancroft family (more than thirty members) owned 42 percent of the business but controlled 68 percent of the voting stock, through their possession of 7.5 million Class B shares. In the sale to Murdoch, the Bancrofts made more than $1.2 billion.
Bancroft family representatives filled three seats on the Dow Jones board of directors, representing three branches of the family — the descendants of the three children of Hugh and Jane Bancroft. At the time of the sale, those board members included Christopher Bancroft and his cousins Leslie Hill and Elizabeth Steele.
The Bancroft family initially held out for three months against Murdoch's advances until accepting a $60-per-share offer from NewsCorp.
Read more about this topic: Bancroft Family
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