Boards Approve News Corp.-Dow Jones Deal
August 1, 2007 at 4:15 PM (PT)
DOW JONES and NEWS CORP. make it official, with both companies' boards approving the sale of DOW JONES to RUPERT MURDOCH's company for $60/share ($5.6 billion). The deal became official after members of the BANCROFT family, the controlling shareholders in DOW JONES, pledged enough votes to approve the deal.
The BANCROFTS will be represented by one seat on NEWS CORP.'s board of directors. A statement from the family said, "It is our most fervent hope that in the years to come, THE WALL STREET JOURNAL will continue to enjoy, and deserve, the universal admiration and respect in which it is held all over the world."
With the purchase, NEWS CORP. obtains the WALL STREET JOURNAL RADIO NETWORK as well as the paper, BARRON'S, SMART MONEY, MARKETWATCH, the DOW JONES NEWSWIRES and indexes, and OTTAWAY NEWSPAPERS.