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Rupert Murdoch Buys Wall Street Journal

The Business Online: Rupert Murdoch has succeeded with his $5 billion bid for Dow Jones. Negotiations are now complete and a formal announcement is

murdoch WSJ The Business Online:

Rupert Murdoch has succeeded with his $5 billion bid for Dow Jones. Negotiations are now complete and a formal announcement is expected next week.

Rupert Murdoch has succeeded with his $5 billion bid for Dow Jones, owners of the Wall Street Journal, according to sources acting for the Dow Jones board. Negotiations have been completed and the board is confident the terms of the deal will be accepted by the Bancroft family, which controls a majority of voting shares in Dow Jones, over the next few days. A formal announcement is expected next week.

Murdoch’s News Corporation will take over America’s most prestigious financial publisher at the price he originally offered on April 17, when he proposed $60 a share when the stock was trading at $36, a 67% premium.

After lengthy talks involving many lawyers, the deal includes a legally-enforceable agreement with Murdoch which will supposedly guarantee the integrity and independence of the Wall Street Journal’s journalism. Read more...

On the flip side, Dow Jones denies that a deal has been reached...

(h/t The Huffington Post)

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