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Murdoch May Cancel Deal Without Votes

News Corp. 'highly unlikely' to buy Dow Jones at current level of support

By Greg Atwan,  Newser User

Posted Jul 30, 2007 1:14 PM CDT
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(Newser) – Rupert Murdoch's News Corp. may balk at a proposed $5B buyout of Wall Street Journal publisher Dow Jones unless more support emerges from the controlling Bancroft family, a spokesman said today. So far the family has promised about 28% of total Dow Jones votes to Murdoch's proposal, but News Corp. says it's not enough.

Most public shares are expected to support the deal, but analysts say slightly more of the family's voting power needs to back the deal before it's a sure thing. Votecounter Michael Elefante says Bancrofts must submit statements in support of the deal by 5 PM today.

Co., in Boston, Mass., Monday evening, July 23, 2007. (AP Photo/Stephan Savoia)
Co., in Boston, Mass., Monday evening, July 23, 2007. (AP Photo/Stephan Savoia)   (Associated Press)
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 Karp)
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)
Co. Monday, July 23, 2007, in Boston. 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 one vote for the company's publicly traded shares. They are descended from the...
Co. Monday, July 23, 2007, in Boston. 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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Rupert Murdoch • Wall Street Journal • Dow Jones • Bancroft family • Michael Elefante • buyout • News Corp

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