Fourth, I will remind Audit Readers that the Bancrofts, unlike the directors, have no obligation to fellow shareholders—zero. Those shares are like their house. They can do what they want with them, including not sell them to News Corp., which would end the deal, and we can all go back to whatever we were doing before all this.

Fifth, the shares will not crash to single-digits, as some people fear, but more likely, I think, will continue to enjoy a buyout premium, as the market now knows that 1. that someone thinks the shares are worth $60 and was willing to write the check; and 2. the Bancrofts might sell after all, to the right party.

Sixth, if Murdoch can get to $60, someone else can, too, and make DJ a better investment, over the long term, that the News Corp. alternative would be.

So, today, let’s recall Tom Paine:

The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of their country; but he that stands by it now, deserves the love and thanks of man and woman.

Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014).

Follow Dean on Twitter: @deanstarkman.