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DJ Formally Approves Sale to News Corp.

Deal expected to close today
By Jonas Oransky,  Newser Staff
Posted Dec 13, 2007 11:58 AM CST
DJ Formally Approves Sale to News Corp.
News Corporation CEO Rupert Murdoch, right, stands with Les Hinton after attending a service held by Reuters at St Bride's Church on Fleet Street, in central London, in this June 15, 2005 file photo. News Corp. Friday, Dec. 7, 2007 confirmed that Hinton will become chief executive of Dow Jones & Co....   (Associated Press)

(Newser) – Dow Jones shareholders formally approved the company’s $5.6 billion sale to Rupert Murdoch's News Corporation; the closing is expected later today. The outcome was clear before today’s meeting, but the vote’s margin had been uncertain, as many Bancroft shareholders—whose voting stake was 64.2%—have been cold towards the sale that will end a century of family ownership, the Wall Street Journal reports.

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60.27% of shareholders approved the sale, with Bancroft family members holding more than half of the family’s stake—37.4% overall—voting yes. Murdoch made an appearance at an annual Dow Jones executive holiday lunch yesterday, wearing the customary Santa cap; the Australian media mogul will likely own the publisher of the Journal and Barron's within hours. (Read more Dow Jones stories.)

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