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October 12, 2008 3:48:16 PM CDT

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Murdoch Closes in on Journal

Posted Jul 16, 07 11:00 PM CDT in US,  Business 

(Newser) – Rupert Murdoch's News Corp. is days away from acquiring the Wall Street Journal, according to the Journal itself. The company has reached a tentative agreement with Dow Jones, whose board will vote on it tomorrow night. After that, all is left is sealing the elusive approval of half the Bancroft Family, who are scheduled to meet this Thursday and reach a final decision next week.

The Bancrofts own 64% of Dow Jones shares, and Murdoch will have to woo enough of those to complete the transaction, which will not be easy. 55-year old Christopher Bancroft controls 15%, and has spent the last week actively recruiting hedge funds and private equity firms in an attempt to thwart News Corp.

Source Wall Street Journal

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Co. on Monday, meeting with key members of the Bancroft family in person to offer assurances that The Wall Street Journal would continue its long tradition of excellence under his stewardship. (AP Photo/David...   (Associated Press)
News Corp.'s Rupert Murdoch and his wife, Wendi Deng, work their way through the media as they arrive for the annual Allen and Co.'s media conference Wednesday, July 11, 2007, in Sun Valley, Idaho. (AP...   (Associated Press)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)   (Associated Press)
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