Murdoch Closes in on Journal

Reaches 'tentative agreement'; $5B deal could go through as early as next week
By Dustin Lushing,  Newser Staff
Posted Jul 16, 2007 11:00 PM CDT
Murdoch Closes in on Journal
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)   (Associated Press)

(Newser) – Rupert Murdoch's News Corp. is days away from acquiring the Wall Street Journal, according to the Journal itself. The company has reached a tentative agreement with Dow Jones, whose board will vote on it tomorrow night. After that, all is left is sealing the elusive approval of half the Bancroft Family, who are scheduled to meet this Thursday and reach a final decision next week.

The Bancrofts own 64% of Dow Jones shares, and Murdoch will have to woo enough of those to complete the transaction, which will not be easy. 55-year old Christopher Bancroft controls 15%, and has spent the last week actively recruiting hedge funds and private equity firms in an attempt to thwart News Corp. (Read more Rupert Murdoch stories.)

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