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May 2, 2008

Natalie Bancroft is unavailable

Columbia Journalism Review looks at where Natalie Bancroft, a 27-year-old aspiring opera singer and heiress to the Dow Jones fortune, fits into the current debacle at The Wall Street Journal.
Murdoch picked Bancroft to join the News Corp. board in October after his company bought Dow Jones from her family for $5.6 billion.
But now with all the tension and debate at The Wall Street Journal over the departure of Marcus Brauchli, the managing editor who recently resigned, Bancroft can't be reached for comment.
From the story:
David Carr, writing in The New York Times this week, forthrightly pointed to the eerie silence with which Dow Jones and Wall Street Journal leaders have greeted the dismantling of the journalistic legacy to which they devoted their professional lives. Carr rightly focuses on Marcus Brauchli, the managing editor who resigned in return for a rich payday rather than invoke the editorial protections painstakingly written into the deal when Rupert Murdoch’s company bought Dow Jones.

But the collapse of Dow Jones should be remembered for the speed and the unanimity with which leaders of all stripes—editors, executives, directors, and, yes, Class B shareholders—abandoned long-standing principles and treasured journalistic models in the face of a lucrative offer from an unsolicited buyer. I haven’t seen this kind of money grab since I covered the Rhode Island Public Buildings Authority.

The special committee created to protect the managing editor’s prerogatives has said Brauchli’s resignation “failed to meet the letter and the spirit of the agreement” that created it. What does Natalie Bancroft say about all this? A News Corp. spokesman said she was traveling for work and couldn't’t be reached for comment for this piece.

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