Dow Jones CEO Zannino To Resign One Week Before Murdoch Takes Over

Newsweek:

Dow Jones CEO Richard Zannino is expected to announce his resignation Thursday afternoon, one week before Rupert Murdoch is set to assume official control of the company and its storied Wall Street Journal, when shareholders approve his $5.6 billion offer, according to people close to the development.

A News Corp. spokeswoman declined comment. A Dow Jones spokesman wasn't immediately available.

Last spring, barely a year after taking the helm at Dow Jones, Zannino had a fateful breakfast with Murdoch that ended with the mogul declaring his intent to launch a takeover attempt. Murdoch's aggressive bid left the controlling Bancroft family splintered and wallowing in recriminations, including some directed at Zannino, whom they suspected of favoring Murdoch's offer. Fearful that Murdoch might use the Journal as a platform to forward his own business and political views, numerous Dow Jones employees and executives tried to lobby the Bancrofts not to sell. But after Murdoch promised to preserve the Journal's editorial independence, the family decided to take the money and run. Now Journal staffers are waiting to see whether Murdoch keeps his promise.

Read the whole story: Newsweek