Bancroft trusts: WSJ explains the role the Bancroft trusts—and their lawyers—play in the sale process.

Editorial agreement:WSJ: The paper has the “confidential” text of the editorial agreement as of June 27: Some details:
—5 members, “distinguished community and journalistic leaders who are independent of N Corp and the Bancroft Family and who would be initially agreed upon by N Corp and DJ.” They would be succeeded by replacements nominated by the committee but approved by News Corp.  They would get “reasonable compensation,” travel expenses, indemnification and insurance.
—Decisions may be made public if the committee so chooses and could be published on the WSJ editorial page.
—The committee would have approval over appointment, removal and material changes in employment for the managing editor and editorial page editor of WSJ and the DJ Newswires. The current holders of those posts would be retained. Barrons is not mentioned.
—In perhaps a hint of things to come, the ME would be consulted about use of the WSJ and DJ brand names but News Corp. would have final say.
—The ME and editorial page editor would report to the WSJ publisher, who would be a News Corp. choice.
—A Bancroft family member would be nominated for the News Corp. board, a 10-year commitment.

Greenspan redux: NYT: Entrepreneur Brad Greenspan has met with the Bancrofts’ bankers ... maybe he told them the names of the investors backing him in a $1.25 billion bid for 25 percent of Dow Jones but, as was the case with a similarly constructed bid for MySpace parent eUniverse, he isn’t making their identities public. “I have the credibility for knowing how to create great assets and what’s going to be the next big thing,” he told the NYT.