No one really thought the Bancrofts were united in their decision to spurn Rupert Murdoch. Indeed, the offer, generous on the surface, came at a time of generational transition within the family. While the elders opposed a deal, their children were more willing to think about it. Some, according to the New York Times, thought that the company needed some strong medicine to cure years of poor performance. Still, it took family member Leslie Hill to push the family to take action. The result is that the family changed its tune and is now willing to speak with News Corporation. I'm not sure what this will amount too. Many are betting on another bidder emerging. Stay tuned.
Our take on this news: Did anyone really doubt that the offer by Murdoch would be spurned? Not any of us!
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