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Murdoch Is 1 Bancroft Away from a Deal

News Corp.-Dow Jones agreement awaits decision by key holdout

By Heather McPherson,  Newser User

Posted Jul 31, 2007 8:38 AM CDT
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(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.

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)
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 in Boston Monday to decide if they will accept News Corp's offer for Dow Jones. (AP...
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)
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 the Monday July 30, 2007 deadline to get some holdout family members to support the deal,...
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)
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