NEW YORK: The union representing many Dow Jones employees is hopeful that its forceful public criticism of News Corp.'s offer to buy the company will help keep the venerable Wall Street Journal publisher in the hands of the Bancroft family. But the union is also formulating backup plans.
The International Association of Publishers Employees (IAPE) Local 1096, released a statement Tuesday saying, "The staff, from top to bottom, opposes a Rupert Murdoch takeover."
Steve Yount, president of IAPE 1096, told PRWeek he believes "the culture of commitment to quality, independence, and integrity" was the driving force behind the Bancroft family's rejection of the $60 per share bid from News Corp. head Murdoch for the company last week. Whether the company would be open to another offer, he added, is still "an open question."
The union began receiving "universally negative" feedback from employees as soon as the offer was announced, Yount noted. In case the company is still in play, the IAPE is currently formulating a more public communications plan in opposition, he said.
Dow Jones and News Corp. did not return calls by press time.