Dow Jones Agrees To Be Bought Out By News Corp

by Darren

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Robert Murdoch’s ubiquitous media empire just got a bit bigger as Dow Jones agreed to be bought out by the global giant. The Bancroft family, which has owned the Dow Jones company for years was said to have deep divisions about the sale.

Dow Jones and News Corp. said in a statement that Bancroft family members and trustees representing 37 percent of the company’s shareholder vote have agreed to support the deal. Combined with the 29 percent of the vote held by public shareholders, who are very likely to support Murdoch, the deal is now assured of passing.

The companies said a member of the Bancroft family or another mutually acceptable person would be appointed to News Corp.’s board of directors as part of the agreement.

The family has owned the company since the original found of Barron’s founded with Dow Jones. The deal is said to be worth $5.6 billion.

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