International: After torturous debate, enough Bancrofts agree to sell to Murdoch

Members of the Bancroft family, which controls Dow Jones, have voted in sufficient numbers to approve Rupert Murdoch's $5 billion bid to buy their company and with it The Wall Street Journal.

e4m by exchange4media Staff
Published: Aug 1, 2007 9:01 AM  | 3 min read
International: After torturous debate, enough Bancrofts agree to sell to Murdoch

Members of the Bancroft family, which controls Dow Jones, have voted in sufficient numbers to approve Rupert Murdoch's $5 billion bid to buy their company and with it The Wall Street Journal, The Journal itself reported midday today. Bancroft family members that control at least 38 per cent of the special class of family-owned stock agreed to the deal, the report said.

That's the most clarity anyone has had since the Bancrofts began officially deliberating on the offer on July 23. Despite one branch's insistence on getting more money out of Mr. Murdoch's News Corp. and a family member's letter urging a sale, the picture remained uncertain well past last night's 5 pm deadline for a family vote.

Further confusion
An executive at Dow Jones Indexes confused things further this morning when he told a commodities panel in Chicago that he'd received an internal memo confirming the Bancrofts' acquiescence to the deal, according to a Reuters report. The executive, John Prestbo, could not be immediately reached, his spokeswoman declined to comment and a Dow Jones spokeswoman did not respond to a message.

But an insider at Indexes said there was no memo and that Prestbo had no more knowledge of the situation than anyone else. "He misspoke," the insider said.

A spokesman for the Bancroft family was quick to note to Ad Age that "the process of canvassing the Bancroft family members and trustees as to whether they wish to commit their respective shares to the proposed News Corporation transaction is still under way. Any suggestion that the process has been completed and/or that a particular level of support has been established is at this point premature."

If the 38 per cent is correct, however, it looks like Murdoch's greatest victory yet is at hand. The News Corp. board will meet this afternoon; Dow Jones board members have an evening session scheduled. They have previously agreed to proposed terms.

No doubt they'll sign off
The next step is getting public shareholders to sign off as well, but no one seems to doubt they will say yes to an offer worth $60 per share; those same shares closed at $34.63 on April 30, one day before news of the Murdoch bid became public.

Murdoch's unexpected progress in the past three months, including winning a crucial sit-down with the Bancrofts after they initially rebuffed his approaches, had given him all the momentum. And because public shareholders are expected to overwhelmingly approve the offer, Murdoch didn't even need a Bancroft majority to secure enough support to close a deal.

But last week's haggling and arguments among the Bancrofts began to make the outcome look iffy. The Bancrofts' Denver branch, which owns 9.1 per cent of the company's voting stock, began looking like a solid "no" vote after arguing, unsuccessfully, for more money, according a July 27 report in the Journal. Murdoch had previously suggested he wasn't interested in raising his bid. Now if Denver is in agreement, the Journal notes that that brings the percentage of stock owned by family voting in favor of the deal up to at least 38 per cent.

Deal looked uncertain
By midday yesterday, Murdoch's News Corp. was sounding dissatisfied. Asked whether the level of support that apparently existed at that point was enough for News Corp. to proceed with the deal, a spokesman said that was "highly unlikely." Dow Jones shares closed at $51.56 yesterday, before the outcome of the Bancrofts' deliberations became known.

There has been endless worrying, particularly among reporters both inside and outside the Journal and key family members, that Murdoch's hands-on approach to media ownership would degrade the quality and independence the paper now enjoys. But the sales side, which has suffered some recent reversals, turned out to be enthusiastic about the Murdoch bid.

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E4M Our strategy is to target younger audiences through Sports: Rajiv Dubey, Dabur

The Head of Media at Dabur India spoke exclusively to exchange4media on the World Cup, associating with Indian Idol, the company’s digital spending and much more

e4m by e4m Staff
Published: Oct 27, 2023 6:15 PM  | 1 min read
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With quirky campaigns, memes and moment marketing, timed with the ongoing World Cup and particularly the India-Pakistan matches, Dabur India has got considerable consumer attention for its popular brands – Red Paste, Cool King Hair Oil, Chyawanprash, Dabur Vita and the recently launched Bae Fresh Gel toothpaste.

The 140-year-old company is going big on key sporting events, World Television Premiere (WTP) movies and reality shows. It is now gearing up to become the title sponsor of popular talent show ‘Indian Idol’ on Sony TV for the first time, shared Rajiv Dubey, who leads the media strategy at Dabur.

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Swapan Seth's new book 'COOL' is out

The book is a reflection of the author's 'eclectic taste across categories'

e4m by e4m Staff
Published: Oct 27, 2023 6:07 PM  | 1 min read
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Advertising professional and art collector Swapan Seth has announced the launch of his new book COOL. The book is described as "a ready reckoner to the hip and the happening, of the known and the very unknown."

The book is a reflection of the author's "eclectic taste across categories: from boltholes to exotic hideaways."

COOL has been published by Simon & Schuster India and is available on Amazon.

Seth is an ad veteran with a long and illustrious career in the industry. He became the youngest-ever Creative Director at Clarion at age 24. He was VP at 26 at Trikaya Grey. Two years later, he started his agency Equus.

He writes for publications such as The Economic Times, Hindustan Times and India Today. This is his second book and he has previously published THIS IS ALL I HAVE TO SAY.

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Disney Star signs 9 sponsors for Asia Cup PAK

Charged by Thums Up, Nerolac Paint+, Amazon Pay, Jindal Panther, My11Circle, MRF, Samsung Galaxy Z Flip5, Wild Stone and Thums Up come on board

e4m by exchange4media Staff
Published: Aug 26, 2023 11:48 AM  | 1 min read
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e4m Staff Disney Star has signed nine broadcast and digital streaming sponsors for the upcoming Asia Cup.

Charged by Thums Up, Nerolac Paint+, Amazon Pay, Jindal Panther, My11Circle, MRF, Samsung Galaxy Z Flip5, Wild Stone and Thums Up have come on board for the upcoming tournament.
As reported earlier by exchange4media, Disney Star has sought Rs 26 crore for the co-presenting sponsorship on TV and Rs 30 crore for Disney+ Hotstar.

According to industry sources, the associate sponsorship on Star Sports has been priced at Rs 19.66 crore, whereas for the ‘powered by’ sponsorship on Disney+ Hotstar, the broadcaster is seeking Rs 18 crore.

As per the information available with exchange4media, Disney+ Hotstar has three sponsorship tiers-- co-presenting (Rs 30 crore), powered by (Rs 18 crore) and associate sponsorship (Rs 12 crore). The broadcaster is offering an estimated reach of 120-140 million for co-presenting sponsors, 90-100 million for powered by and 60-70 million for associate sponsorship.

A spot buy for 10 seconds has been priced at Rs 25 lakh for the India vs Pakistan matches, while for the non-India matches, the ad rate for 10 second is Rs 2.3 lakh. The India matches plus the final for ODIs has been priced at Rs 17 lakh per 10 seconds.

Asia Cup is scheduled to be held from 30 August, 2023, to September 17, 2023.

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Sorted 360 wins creative & social media mandate of Reliance Mall

The agency will manage offline and online campaigns for Reliance Mall

e4m by exchange4media Staff
Published: Aug 26, 2023 10:54 AM  | 1 min read
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Sorted 360, an integrated creative and social media agency, has won the mandate to providing brand solutions for Reliance Malls across India.

“Sorted 360 is set to enhance Reliance Malls' market presence with their unparalleled creative prowess and strategic thinking,” read a press release.

“Sorted 360's commitment to pushing the boundaries of creative communication aligns perfectly with Reliance Malls' ethos. With a pan-India presence spanning across 19 cities and growing, Reliance Malls has consistently captivated customers by offering an array of Reliance brands and third-party fashion & lifestyle brands. The mall has established an unparalleled connection with its patrons through superior quality, a remarkable value proposition, and an unmatched shopping experience,” it read further.

"We are thrilled to welcome Sorted 360 as our trusted partner in advancing our brand presence across the nation," said the Head of Marketing at Relaice Malls. "Their proven expertise in retail, shopping center management, and innovative creative strategies make them the perfect fit for our vision."

"Partnering with Reliance Malls is a testament to our commitment to shaping extraordinary brand experiences," remarked Prerana Anatharam, Co-founder of Sorted 360. "We are excited to leverage our strategic and creative acumen to further elevate Reliance Malls as the epitome of convenience, choice, and excellence."

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e4m by exchange4media Staff
Published: Aug 25, 2023 4:39 PM  | 1 min read

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e4m by exchange4media Staff
Published: Aug 25, 2023 4:38 PM  | 1 min read

KlugKlug onboards Hemang Mehta as Country Manager for Indias

Mehta was most recently Head of Agency Relationships at Network 18 Media & Investments

e4m by exchange4media Staff
Published: Aug 24, 2023 3:35 PM  | 1 min read
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KlugKlug has appointed Hemang Mehta as its Country Manager for India.

Mehta will play a pivotal role in driving KlugKlug's growth and expansion within the Indian market and be responsible for Sales & GTM Strategy

Prior to that, he has also represented organisations like Exponential (now VDX.tv), India Today Digital and Rediff.com. His expertise spans various domains including digital media sales, mobile marketing, media planning, and buying, social media marketing, and more.

Hemang Mehta expressed his enthusiasm about joining KlugKlug, saying, "I am thrilled to be a part of KlugKlug, a forward-thinking platform that is reshaping the influencer marketing landscape. As much as I look forward to collaborating with the exuberant team at KlugKlug, I am super excited to interact with the brands to deliver powerful data-backed Influencer solutions that will guarantee business outcomes."

Commenting on the appointment, Kalyan Kumar, Co-Founder and CEO of KlugKlug, stated, "We are excited to welcome Hemang Mehta to our team as the Country Manager for India. His extensive experience in digital media sales and marketing will be instrumental in driving our efforts to provide influencer marketing solutions to our clients. We believe Hemang's leadership will be key in scaling our operations and expanding our reach within the Indian market."

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