News Corp. (NYSE: NWS) chief Rupert Murdoch told reporters that he had a good meeting with Dow Jones & Co.'s controlling Bancroft family over his proposal to purchase the company for $5 billion.
The talks, which marked the first time the two parties met since Murdoch announced his takeover bid last month, were constructive according to his statements to press on Monday.
We had a very long, constructive meeting and both sides want a way to consider both sides,'' Murdoch said.
The Bancrofts, who own 64 percent of Dow Jones voting stock, agreed last week to meet with Murdoch to discuss his $60-a-share offer.
The family, which initially rejected the offer, said in a statement they were most concerned about protecting the editorial independence and integrity of the Wall Street Journal.
Murdoch answered shortly after, offering to create an autonomous editorial board for the Wall-Street Journal publication, the second-largest US newspaper. He also offered the Bancrofts a seat on the News Corp. board.
The Australian media tycoon made a similar offer to Thomson Corp. in 1981, convincing them to sell him the Times of London with the promise of editorial independence.
I can't put down $5 billion of my shareholders' money and not be able to run the business, Murdoch told the Journal on Friday.