Deal Reached On Dow Jones

A tentative deal has been reached for Rupert Murdoch's News Corp to buy Dow Jones. The deal will be put to a vote with the board of Dow Jones later today (according to the WSJ website. The AP has different information.) The Bancroft family is apparently still divided over the deal, however.

Negotiators from the two companies on Monday reached an agreement in principle for the original $5 billion that Murdoch had offered, and it will go to Dow Jones' board Tuesday for its approval, the Journal said, citing unnamed people familiar with the situation.

The deal would still need approval from Dow Jones' controlling shareholders, the Bancroft family, which has been divided on a sale to News Corp. because of concerns over whether the Journal would maintain its editorial independence.

Christopher Bancroft, a Dow Jones director, recently has been approaching major stockholders in an attempt to buy enough shares of Dow Jones to block a sale.

Michael B. Elefante, the Bancroft family's lead trustee, has scheduled a meeting for Thursday to present the agreement to the family and is expected to give the family members several days to make a decision, the Journal reported.

Wouldn't you like to be able to attend that meeting. It will be messy, I'm sure.