'Dow Jones is not for sale to Rupert Murdoch'

Jim Ottaway Jr and his family, which own 6.2% of Dow Jones supervoting Class B shares, has rejected News Corp.'s $60-a-share offer for Dow Jones.

In a sharply worded statement  posted on the website of Wall Street Journal, Ottaway said: "The sale of Dow Jones to Rupert Murdoch and his News Corp. global media giant would lead to loss of the unique news quality and integrity of The Wall Street Journal and other Dow Jones publications and Internet services, and loss of the independence and integrity of a leading national editorial voice.

"The brand name, the major asset of Dow Jones, is based upon its reputation for, and daily practice of, accurate, fair, objective and reliable business news reporting. This would be damaged and if Rupert Murdoch and his News Corp. take over Dow Jones. It is this journalistic integrity which has created shareholder value, as recognized by the News Corp. offer. It will continue to create shareholder value in the future of our information society.

"I am opposed to Rupert Murdoch's buying Dow Jones to boost his personal prestige, political power, and global media business control, and to acquire Dow Jones brand name business news because he needs it for his new business news channel to succeed. The Economist magazine describes Murdoch's pursuit of Dow Jones as 'the media equivalent of a trophy wife.'

"I am also opposed to Rupert Murdoch taking over Dow Jones because it would add to already too much concentration of American and global media ownership, and political influence on American society and government decision making.

"I think the controlling shareholders of Dow Jones should answer News Corp's unsolicited offer by saying, "Dow Jones is not for sale, at any price, to Rupert Murdoch."