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Murdoch Bid Clears High Hurdle

Posted Jun 26, 07 2:30 PM CDT in Business 

(Newser) – A plan to safeguard the Wall Street Journal's editorial independence awaits the approval of the Bancroft family now that Dow Jones and News Corp. have "basically agreed" on an arrangement, a source tells Reuters. The Bancrofts still must approve the deal, which also applies to Dow Jones Newswires and removes a significant obstacle to Rupert Murdoch's $5 billion bid.

The Dow Jones board took over control of the negotiations from the Bancrofts last week and agreed on terms with News Corp. late last night (or this morning, according to the Journal). The bid on the table is for $60 a share, and analysts say that the price could drop as low as $30 if Murdoch were to withdraw his offer.

Source Reuters

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Co. have accelerated and the two sides appear closer to reaching an agreement on protecting the editorial independence of The Wall Street Journal, according to news reports Monday, June 25, 2007. (AP...   (Associated Press)
Co. over measures to protect The Wall Street Journal's editorial independence. (AP Photo/Mark Lennihan)   (Associated Press)
Giuliani, the 2008 presidential candidates Houston-based law and lobbying firm. (AP Photo/Mark Lennihan, File)   (Associated Press)
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Dow Jones  • Rupert Murdoch  • News Corp  • Wall Street Journal  • Bancroft family



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