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