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September 5, 2008 11:29:15 PM CDT

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DJ Formally Approves Sale to News Corp.

Posted Dec 13, 07 11:58 AM CST in Business,  US 

(Newser) – Dow Jones shareholders formally approved the company’s $5.6 billion sale to Rupert Murdoch's News Corporation; the closing is expected later today. The outcome was clear before today’s meeting, but the vote’s margin had been uncertain, as many Bancroft shareholders—whose voting stake was 64.2%—have been cold towards the sale that will end a century of family ownership, the Wall Street Journal reports.

60.27% of shareholders approved the sale, with Bancroft family members holding more than half of the family’s stake—37.4% overall—voting yes. Murdoch made an appearance at an annual Dow Jones executive holiday lunch yesterday, wearing the customary Santa cap; the Australian media mogul will likely own the publisher of the Journal and Barron's within hours.

Source Wall Street Journal

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News Corporation CEO Rupert Murdoch, right, stands with Les Hinton after attending a service held by Reuters at St Bride's Church on Fleet Street, in central London, in this June 15, 2005 file photo....   (Associated Press)
The Dow Jones news ticker is shown Wednesday, Aug. 1, 2007 in New York's Times Square. (AP Photo/Mark Lennihan)   (Associated Press)
News Corp. Chairman Rupert Murdoch smiles during a talk at the Web 2.0 conference in San Francisco in this Oct. 17, 2007 file photo. (AP Photo/Tony Avelar, file)   (Associated Press)
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