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Thursday, August 02, 2007

FromDC2Iowa: Revenue is Needed

Excerpted from this post at FromDC2Iowa

'Once "revenue is needed" is the Polestar for a university's financial
decisions its moral compass begins to spin as if it was located on the
North Pole.'... The announcement yesterday that the Bancroft family
would, after all, sell the Wall Street Journal and the rest of Dow
Jones to media mogul Rupert Murdock is illustrative of the issues
confronting the University of Iowa -- and virtually all other
institutions of higher education in America. Murdoch offered $60 a
share for stock traded at closer to $37 -- a total of $5 billion. The
family resisted: "several members of the Bancroft family -- Dow
Jones's controlling owners -- opposed Murdoch's bid, fearing the
tabloid king would wreck the integrity of the Journal and use it to
further his business and political interests. In the end, nearly
two-thirds of the Bancroft family voted for the merger." Frank Ahrens,
"Dow-Jones Murdoch Merge in $5.8B Deal; Sides Agree to Create
Editorial Board as Buffer Between Murdoch, Wall St. Journal,"
Washington Post, August 1, 2007. What tipped the balance?

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