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
Co., in Boston, Mass., Monday evening, July 23, 2007. (AP Photo/Stephan Savoia)   (Associated Press)
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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.