Dow Jones: A Memo Ready for "The Day After"

Well, I've already suggested what would happen should Rupert consummate the deal.

But what if the the combination of News Corp's brinkmanship and of some of the Bancrofts trying to squeeze out a few more nickels does tank the deal? What about the day after the announcement that the News Corp bid has been for naught? What then does CEO Rich Zannino have to say?

Figuring that management's been too preoccupied with the Bancroft vote at the Boston Hilton, with tongue half in check, I've helpfully prepared a memo addressing missteps in the process and the commitment to move an independent Dow Jones into the future:

To Dow Jones Family, Staff, Shareholders and Readers:

We want to thank our good friend Rupert Murdoch for making the summer an eventful one. He was able to bring together the Bancrofts for an unprecedented impromptu get-together, with the kind of heartfelt speeches we usually only get to hear at family funerals and in divorce courts. Yes, it got a bit vituperative at times; thank goodness we've got those new blogs to capture such non-official color.

Well, it looks like we're now back to business as usual.

You may recall those Powerpoint and Excel presentations we gave to the board and the family a couple of months ago. We're now revising them. We never meant to be seen as endorsing the News Corp proposal; we just wanted to give it a proper airing. Your company's leadership has full confidence in the company's ability to grasp the future.

Just in case, though, we're announcing a new Strategic Alternatives Council. It's composed of company executives and select board and family members.  Its task will be to build on the company's successes and in light of market conditions, propose a new three-year plan.

As you know, our company became attractive to outside bidders because of the strides that it has made. While most newspaper companies derive only 10% of their revenues from digital businesses, we drive 40% from them. While most companies focus solely on consumers, we've got healthy businesses -- our Enterprise division -- that sell to other businesses.

We think there's something to the vision that Mr. Murdoch offered -- that of a global, 24/7, print/TV/Internet/mobile delivered business and finance news service -- and we're going to more actively look at how to realize that visions while remaining a vibrant, independent institution. Independence doesn't mean we won't look at new strategic partnerships of all kinds, new equity owners or new acquisitions. It means that we're going to think -- and act -- on the legacy that's sustained the institution.

So everyone, please, back to the business as usual. And if you see any of those Powerpoint print-outs lying around, shred 'em.