Journal: Murdoch Has Tentative Deal For Dow Jones
July 17, 2007 at 5:44 AM (PT)
The WALL STREET JOURNAL is reporting that RUPERT MURDOCH's NEWS CORP. has reached a "tentative agreement" to buy DOW JONES at the originally-proposed $5 billion price, with the deal set to be presented to the full DOW JONES board this evening.
The paper says that negotiators for the two companies hammered out an agreement in principle based on MURDOCH's initial $60/share offer, although the controlling shareholders, the BANCROFT family, remain divided over the deal. MURDOCH has suggested appointing former WALL STREET JOURNAL Managing Editor PAUL STEIGER to the NEWS CORP. board to help finalize the deal, according to the paper.
DOW JONES owns the WALL STREET JOURNAL RADIO NETWORK, BARRON'S, SMARTMONEY magazine, the DOW JONES news wire and indexes, and OTTAWAY NEWSPAPERS, as well as the flagship newspaper.