Dow Jones Tentatively Agrees to Be Acquired by News Corp.

$5 Billion Deal Still Subject to Bancroft Family Approval

Published: July 17, 2007

NEW YORK (AdAge.com) -- Dow Jones & Co. has reached a tentative agreement to be acquired by News Corp. for $5 billion, according to a story in this morning's Wall Street Journal.

Dow Jones CEO
The deal was struck by a Dow Jones negotiating committee that included CEO Richard F. Zannino but is still subject to final approval by the board and, more importantly, by the Bancroft family, which controls the majority of Dow Jones's voting power.

Bancroft family
The newspaper reported that the deal is scheduled to go before the Dow Jones board tonight and before the Bancroft family on Thursday night. It also indicated that the probably outcome is not yet clear because Bancroft family members remain sharply divided over the issue.

Representatives for News Corp. and Dow Jones declined to comment this morning. That stands in contrast to the response after last week's report of a tentative deal; Dow Jones quickly came out and called that report "not true."

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