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Rupert Murdoch: Deals
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Some on Wall Street were surprised that the family wasn't able to squeeze out a higher bid from Mr. Murdoch. By the rituals of Wall Street deal making, a buyer's first offer is almost never the final price agreed to in a transaction -- although Mr. Murdoch's first offer in this case represented an unusually generous premium.
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It took Murdoch 11 weeks to get approval for his proposal from the Dow Jones board, a win he nailed down earlier this month. To succeed with the deal, Murdoch needed about half of the Bancroft family's votes.
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Mr. Ginsberg pointed out that Mr. Murdoch later fired the Gingrich book’s editor for making what he regarded as an “uneconomical and unseemly” deal. He said that in general Mr. Murdoch did not involve himself in decisions about book contracts, and added, “If these books aren’t viable, they aren’t published.”
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