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July 25, 2008 12:16:13 PM CDT

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Murdoch Is 1 Bancroft Away from a Deal

Posted Jul 31, 07 8:38 AM CDT in Business 

(Newser) – Rupert Murdoch is within a Bancroft's breadth of owning Dow Jones, the company's flagship Wall Street Journal reports. A 5pm deadline came and went yesterday without a deal, but the bid has the support of Bancroft family members holding 29% of voting power. If either of two key holdout shareholders warms up, Murdoch will have enough support to overcome opposition.

The deal on the table would require New Corp. to pay many of the fees that the Bancroft family pays to lawyers and firms that advise them, an unusual proposal that would stick News Corp. with a $30 million bill. Murdoch may already have enough support for a deal but is holding out for a bigger cushion.

Source Wall Street Journal

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Co., in Boston, Mass., Monday evening, July 23, 2007. (AP Photo/Stephan Savoia)   (Associated Press)
Co., sending the stock of The Wall Street Journal publisher down more than 5 percent as a deadline arrived for the Journal's controlling shareholders to make a decision. News Corp. was negotiating past...   (Associated Press)
Barron's and The Wall Street Journal, both owned by Dow Jones, are shown, Monday, July 23, 2007 at a New York newsstand. Bancroft family members, who own controlling interest in Dow Jones, are meeting...   (Associated Press)
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Dow Jones  • Rupert Murdoch  • News Corp  • Wall Street Journal  • buyout  • Bancroft family


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