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July 25, 2008 5:06:58 PM CDT

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Battling Bancrofts Take Journal Deal Down to Wire

Posted Jul 30, 07 4:36 AM CDT in US,  Business 

(Newser) – The Bancroft family, which controls the majority of shares in Dow Jones, is so deeply divided over the proposed sale of the Wall Street Journal to Rupert Murdoch that the deal is still too close to call, the Journal reports. A decision on the $5 billion bid is set for today at 5 pm EST.

In one indication of the emotional rift among family members, prominent family member Jane Cox McElree has resigned from some of the family trusts she supervises. She and her daughter oppose the sale, while her son, Crawford Hill, strongly favors it. Murdoch has said he is prepared to walk away from the deal and will not increase his offer.

Source Wall Street Journal

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Co. (AP Photo/Charles Krupa)   (Associated Press)
Co., which is considering a bid to be bought by Rupert Murdoch's News Corp., reported lower second-quarter profits Thursday, July 19, 2007 due to an accounting charge, but revenues and operating income...   (Associated Press)
Co., publisher of The Wall Street Journal, the Journal reported on its Web site Monday July 16, 2007. (AP Photo/Jason DeCrow)   (Associated Press)
Co. Monday afternoon, July 23, 2007. The Bancroft family owns 25 percent of Dow Jones but controls 64 percent of the shareholder vote through a special class of shares that have 10 votes each, versus...   (Associated Press)
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Dow Jones  • business  • Rupert Murdoch  • News Corp  • acquisitions  • Wall Street Journal  • Bancroft family


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