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Murdoch set to buy Wall Street Journal

By Rediff Business Bureau
July 17, 2007 09:51 IST
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The Rupert Murdoch-owned News Corporation has announced that it has struck a deal to buy Dow Jones & Company -- publishers of the prestigious financial daily The Wall Street Journal -- for $5 billion.

The Dow Jones board will consider the deal for its approval on Tuesday evening, the Wall Street Journal reported on Tuesday morning.

However, the Bancroft family, which owns 64 per cent of Dow Jones stock, is divided over whether it should sell the company to Murdoch. The family's position on the deal is too close to call, the Wall Street Journal report said.

The family is expected to meet on Thursday to consider the deal. It is understood that their views will only be known next week. Some family members are meeting other investors to block the company's sale to Murdoch.

If Murdoch buys The Wall Street Journal, he will establish his first print footprint in India. In association with the Hindustan Times company, The Wall Street Journal publishes the well-regarded financial daily Mint in India. Murdoch already has a considerable television franchise in India via Star TV.

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