<em>Rupe Street Journal</em>: The Internal Memos

-----Original Message----- From: Brauchli, Marcus Sent: Wednesday, August 01, 2007 6:45 AM Subject: On the News Colleagues, Today's news that a decisive proportion of Bancroft family trusts will vote in favor of News Corp.'s proposed acquisition of Dow Jones begins a process that will affect us all, but won't change what we do in the newsroom. As journalists at Dow Jones and The Wall Street Journal, we have always focused on maintaining the high quality and integrity of our work, without regard to our ownership. We will continue to do so. Our journalism defines the Journal. A change in ownership won't change our understanding of what's important; our ability to compellingly explain the world, politics and business; or our commitment to reporting that is accurate, honest and free of slant. We know that a successful news organization's first obligation is to its readers. We must serve them, recognizing that their interests and needs change constantly, and that we will have to change with them. It is too early to know how or even whether News Corp. ownership might alter priorities or structures at Dow Jones. Our current and likely future owners have given formal assurances, however, that the newsroom will retain its independence. An owner who values editorial independence is essential to the Journal's success. Yet it is we who ultimately will ensure it, through the continued quality and integrity of our work. Clarence Barron's heirs in the Bancroft family have been loyal and proud stewards of The Wall Street Journal for nearly 80 years. The Journal today, in print, online and in new media, in the U.S. and internationally, sets the highest journalistic standard thanks to their long support. I hope you share in my deep gratitude to them. Regards, Brauchli, New York From: "Christie, Robert" To: "Edmonds, Emily" CC: Date: Wed, 1 Aug 2007 10:54:36 -0400 Subject: STATEMENTS FROM WSJ PUBLISHER AND WSJ EDITORS RE: NEWS CORP STATEMENT FROM THE EDITORS Marcus Brauchli, managing editor, The Wall Street Journal Paul Gigot, editor of the editorial page, The Wall Street Journal "Generations of Wall Street Journal editors and reporters have had a covenant with our readers to provide fair and accurate reporting on the many subjects we cover every day. Our priority as editors is earning and keeping the trust of the world's most demanding readers by delivering the most essential news and analysis." "We are grateful to the Bancroft and Murdoch families for their agreement endorsing the principle of editorial independence that has long been the hallmark of Dow Jones and The Wall Street Journal. We recognize that the best assurances of independence are reporters and editors committed to following news where the facts lead and to expressing opinions based on consistent principles. We want to assure our readers that we will remain as committed to those values under new ownership as we have been for more than a century." STATEMENT FROM THE PUBLISHER L. Gordon Crovitz, publisher of The Wall Street Journal and executive vice president of Dow Jones & Company "This transaction shows the value of trusted brands in the Digital Age, with The Wall Street Journal already a leader in pursuing digital opportunities. The Journal across print and online continues to grow subscriptions, and WSJ.com will soon surpass one million paying subscribers. As part of News Corp., Journal growth could accelerate across print and online, including more areas of news and opinion coverage, greater distribution through the News Corp. cable, satellite and broadcast operations and the opportunity to play the leading role outside the U.S. that we have long played in our home market. "As our business opportunities expand, readers can count on our journalists to remain committed to the same standards of accuracy, fairness and authority, regardless of ownership. Journal reporters and editors will aim to do what they have for more than a century: Earn and keep the trust of the world's most demanding readers by delivering the most essential news and analysis."

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Rupe Street Journal: The Internal Memos

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