The Bancroft family, which holds the controlling interest in Dow Jones, has decided to meet with their hungry suitor, News Corp. head Rupert Murdoch. The family (or "The Family," as they put it; very Godfather) issued a statement that says that over some metaphorical linguine, they've perhaps come to find the offer attractive.

After a detailed review of the business of Dow Jones and the evolving competitive environment in which it operates, the Family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organization, which may include News Corporation.

Accordingly, the Family has advised the Company's Board that it intends to meet with News Corporation to determine whether, in the context of the current or any modified News Corporation proposal, it will be possible to ensure the level of commitment to editorial independence, integrity and journalistic freedom that is the hallmark of Dow Jones.

The Family also indicated its receptivity to other options that might achieve the same overarching objective.

Naturally, everyone goes crazy parsing the same material. Here's how it looks:

  • New York Times: "The family wants any bidder to meet two conditions. The first is more money, which means that any bidder, including Mr. Murdoch, would have to top his initial offer of $60 a share. Second, and perhaps more important, the family wants an independent overseer to guarantee what it called "the editorial independence and integrity of The Wall Street Journal." The paper also suggests that Christopher Bancroft's earlier dismissal of Murdoch's bid may have been a negotiating tactic.
  • Financial Times: Quotes T. Rowe Price chief investment officer: ""There might be other buyers more palatable to them. But who's to say Rupert Murdoch is all that bad? The offer to purchase Dow Jones at $60 in our view represents a fairly attractive transaction price. I find it hard to believe that the company itself has a plan to get the shares to $60."
  • A.P.: The union representing Wall Street Journal employees is still distrustful. And we know how much clout those guys have.
  • Wall Street Journal: By far the most comprehensive reporting on the subject (for good reason). The main piece opens with this ominous headline: "Dow Jones & Co.'s 125-year history as an independent media company could be nearing an end." And let's be honest, that's sort of the point, right? Investors, notes the paper, "pushed Dow Jones stock up 12% in after-hours trading, suggesting they believe a deal is imminent, possibly at a price higher than the $60-a-share offer from News Corp. Dow Jones stock."
  • The WSJ also reports that "some members of the family were confused about the implications of the statement, not quite realizing that they were effectively saying they were willing to explore a sale, according to people close to the board. As they were discussing the meaning of the statement at the board meeting, there was some debate about having it rephrased or even withdrawn, but just then, The Wall Street Journal posted a draft of the statement online. That ended the discussion."
  • While a piece yesterday suggested some ways in which the Bancrofts could thwart Murdoch, today's edition goes even further, positing that "if an offer for Dow Jones is partly stock, a company has more leeway. Delaware courts regard such deals as "strategic combinations" that may bring other matters into consideration. That gives the board latitude to extract concessions, for instance on the company's ongoing editorial independence.Some specialists say the Dow Jones board is not required legally to recommend the highest offer, if its controlling shareholders oppose the idea."
  • How's it going to play out? Not surprisingly, it "depends on News Corp.'s response. So far, the company's executives haven't signaled that a higher bid is coming but have remained on a charm offensive — praising the flagship Wall Street Journal and saying the company would make no moves to undermine its quality or water down its coverage."
  • Our bet? Whether or not the Bancrofts can find another buyer, Dow Jones is getting sold. More than likely it will be to Murdoch. The Bancrofts are now, as the famous Shaw quote had it, merely haggling over the price. Our other bet? There's going to be plenty more about this story before it's all over. Deep sigh. Okay, carry on.
  • [Photo: AP]