Murdoch wins control of WSJ
Thursday, August 2, 2007
THE boards of US media concern Dow Jones and Rupert Murdoch's News Corporation have approved Murdoch's US$5.6 billion offer for the Wall Street Journal and the Dow Jones Company for US$60 a share, the companies announced yesterday.
The development marks a significant victory for the pugnacious Murdoch, marrying the second-largest US newspaper by circulation with his film, Internet, television and newspaper empire.
The buyout allows Murdoch to add one of the most respected brands in journalism to his corporate stable. News Corp already owns the Fox Network, Sky Broadcasting, and the Times of London.
Prominent members of the Bancroft family had held out against the deal for fear that Murdoch would compromise the paper's renowned editorial independence.
However, after rival suitors failed to match the News Corp offer, and Murdoch committed to an independent editorial board, key members of the family threw their votes behind the deal.
The deal was sealed after members of the Bancroft family and trustees representing about 37 per cent of the company's shareholder vote chose to back the sale, the two companies said. A committee will be charged with "assuring the continued journalistic and editorial integrity and independence of Dow Jones' publications and services," the companies said.AFP, DPA
The development marks a significant victory for the pugnacious Murdoch, marrying the second-largest US newspaper by circulation with his film, Internet, television and newspaper empire.
The buyout allows Murdoch to add one of the most respected brands in journalism to his corporate stable. News Corp already owns the Fox Network, Sky Broadcasting, and the Times of London.
Prominent members of the Bancroft family had held out against the deal for fear that Murdoch would compromise the paper's renowned editorial independence.
However, after rival suitors failed to match the News Corp offer, and Murdoch committed to an independent editorial board, key members of the family threw their votes behind the deal.
The deal was sealed after members of the Bancroft family and trustees representing about 37 per cent of the company's shareholder vote chose to back the sale, the two companies said. A committee will be charged with "assuring the continued journalistic and editorial integrity and independence of Dow Jones' publications and services," the companies said.AFP, DPA
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