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Guild Local Blasts Murdoch Bid for Dow Jones

IAPE Local 1096 of TNG-CWA issued a statement strongly opposing a bid by Rupert Murdoch's News Corp. to buy Dow Jones & Co. this week, noting:  "Mr. Murdoch has shown a willingness to crush quality and independence, and there is no reason to think he would handle Dow Jones or the (Wall Street) Journal any differently."

The family that owns the controlling shares in Dow Jones, the Bancrofts, quickly declined Murdoch's unsolicited offer of about $5 billion for the company, but Murdoch said he would continue to talk to shareholders and press the deal.

Murdoch's media empire includes the less than "fair and balanced" Fox News channel and other cable, broadcast, publishing, Internet and entertainment holdings around the world.

"The staff, from top to bottom, opposes a Rupert Murdoch takeover of Dow Jones & Co.," Local 1096 stated.  "Despite our differences of opinion with current management, we strongly encourage the Bancrofts to continue to stand up for the institution's independence, and to walk away from the offer.

"Moreover, the massive premium Mr. Murdoch is offering suggests only one recourse to make the acquisition profitable:  gutting the enterprise and slashing the staff that make it the leading financial news organization."

TNG-CWA President Linda Foley stated: "The value of Dow Jones lies with the expertise and experience of its staff. The concerns of Dow Jones employees, therefore, must be addressed and are critical to Dow Jones' future sucess."

The union currently is in negotiations with Dow Jones and is battling demands to cut back health benefits and job protections.  Local 1096 represents about 2,000 Dow Jones employees in the United States and Canada.