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Nov

21

WSJ spends $500K to keep editorial board independent, critics say it’s a joke


From the New York Observer:

Back in August, Dow Jones and News Corp announced the names of five elderly appointees to the board that will oversee the editorial independence of The Wall Street Journal—a body established in response to Rupert Murdoch’s takeover.

[snip]

At the time Dow Jones accepted News Corp.’s buyout bid, guidelines for the board were filed with the S.E.C., but they were decidedly vague. For instance, the special committee will have “approval rights” over the appointment of the managing editor and editorial page editor. But in practice, will it really have the authority to thwart News Corp.’s choice? The board will have “final say” over disputes, but how will those disputes be identified? And will the board’s votes have to be unanimous?

“We’ll discuss those things when we get together,” said Mr. Boccardi.

The group is required to meet four times a year, with each member given a yearly salary of $100,000, according to S.E.C. filings. When disputes arise that touch on the paper’s editorial independence, the board will be able to have their say in the op-ed section of The Journal, or, failing approval by the editorial page editor, in a “prominent location” in the paper.

Since the Bancrofts accepted Mr. Murdoch’s bid, the Journal newsroom has been dubious about the level of influence the board will exert.

“People think it’s a joke,” said one reporter. “The only people who don’t think it’s a joke are the people who invented it.”

How common are such boards?  How effective? And how average is that salary?

Hattip to Romenesko.

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By Jill Miller Zimon at 3:15 pm November 21st, 2007 in Business, Media 

Comments

4 Responses to “WSJ spends $500K to keep editorial board independent, critics say it’s a joke”

  1. 1 Village Green on November 22nd, 2007 12:43 am

    Wow — how do I sign up for a job like that? 100k for four meetings of rubber stamping per year.

  2. 2 Jill Miller Zimon on November 22nd, 2007 11:48 am

    No kidding! I love how the article says they are all elderly! and the woman mentioned is in her 60s I think. Wow – I only have 14 years to go to being elderly. Sheesh!

  3. 3 Keith on November 22nd, 2007 12:43 pm

    Well I’ve never heard of one like this! I wouldn’t expect much from them – apparently the employees believe they are token shills.

    Jill – 15 for me. Yikes.

  4. 4 Jill Miller Zimon on November 22nd, 2007 4:18 pm

    lol – And I thought we kept hearing that 60 is the new 40?

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