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July 5, 2008 7:25:06 PM CDT



Murdoch May Have Dow Jones

Posted Jul 6, 07 12:13 PM CDT in US Business    Editor's Choice

(Newser) – Rupert Murdoch has succeeded in his bid to take over Dow Jones, according to a report in a British financial magazine. The Wall Street Journal publisher is denying the report, although The Business cites inside sources who say the $5 billion deal will be formally announced next week.

The buy would include a legally enforceable agreement of the Journal's editorial independence, a major sticking point for the majority-owning Bancroft family: According to the report, a five-member panel would have veto power over Murdoch's hiring and firing of top editorial staff. A spokesman for Dow Jones says only the independence scheme has been finalized.

Source The Business

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