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TUESDAY, FEBRUARY 9, 2010
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Dow Jones Approves $5B Murdoch Deal

Journal takeover could still hit a wall with Bancroft famiy

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(Newser) – Publisher Rupert Murdoch took a critical step towards control of the Wall Street Journal last night, as the Dow Jones board voted to approve a $5 billion sale of the company to the media magnate. Whether the majority-owning Bancroft family will also approve the deal is too close to call, the Journal reports.

Two of the 16 Dow Jones board members, including a member of the Bancroft family, abstained, and a third, a Bancroft family member who had actively opposed the sale, left the meeting. The Bancrofts are expected to meet Monday in Boston, where the family's law firm is located. Family members may try to squeeze Murdoch for more than his current offer of $60 a share.

Co. over measures to protect The Wall Street Journal's editorial independence. (AP Photo/Mark Lennihan)
Co. over measures to protect The Wall Street Journal's editorial independence. (AP Photo/Mark Lennihan)   (Associated Press)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)   (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 Photo/Douglas C. Pizac)
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)
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