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.