Dow Jones OKs sale to News Corp. for $5 Billion
Rupert Murdoch is set to achieve his decades-long dream of running the venerable Wall Street Journal after Dow Jones & Co.’s board agreed to News Corp.’s $5 billion buyout bid on Tuesday.
The board decided to accept the offer at a meeting Tuesday evening, according to a source familiar with the matter, shortly after News Corp.’s board approved the deal. The 76-year-old media mogul spent the past three months courting the Bancroft family, which has controlled Dow Jones for more than a century. The Journal and other Dow Jones properties add to Murdoch’s sprawling media empire–from the Fox television stations and MySpace online social network to the Times of London and New York Post–and would aid the launch of a Fox business channel later this year.
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