DJ Formally Approves Sale to News Corp.

Deal expected to close today
By Jonas Oransky,  Newser Staff
Posted Dec 13, 2007 11:58 AM CST
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)
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(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.