July 18, 2007
Murdoch Gets One Step Closer
The Dow Jones board backed News Corp.'s $5 billion buyout bid last night, which will put the publisher of the Wall Street Journal in the hands of News Corp. chief Rupert Murdoch. The decision was not unanimous among the 16 board members, but one source said a "strong majority" was in favor of the deal.
One of its terms allows Dow Jones shareholders to receive News Corp. stock, which would reduce the deal's tax burden.
Attention now shifts to the Bancroft family, which owns a controlling share -- 64 percent -- of Dow Jones. The family is set to meet Monday, and a verdict could come as early as midweek.
The Gate has background on earlier developments and the media climate surrounding the deal.
Posted at 10:12 AM
Posted to:
Dow Jones & Co., FOX News, Media, Rupert Murdoch
Share via
