Dow Jones board okays News Corp bid

Murdoch offers to buy 25 per cent stake in the publisher of the Wall Street Journal.

    The Bancroft family is yet to make a decision on the Murdoch deal [AFP]
    The deal is likely to be presented to family members on Monday.
     
    Family divisions
     
    The family, which has some three dozen adult members spread across the US, has been deeply divided over whether to sell to Murdoch.

    The Bancroft family has controlled the storied newspaper publisher for more than a century and views it as a public trust.
     
    Murdoch has said concerns he would meddle with the Journal's coverage are unwarranted.
     
    Dow Jones publishes The Wall Street Journal, the Barron's investor newspaper, the MarketWatch.com financial news Web site, and owns Dow Jones Newswires.
     
    Under the terms of the agreement, News Corp would buy all outstanding shares of Dow Jones's common and Class B stock for $60 per share in cash, Dow Jones said in a statement.
     
    Last week, Dow Jones negotiators met with supermarket billionaire Ron Burkle and internet entrepreneur Brad Greenspan to explore a possible counteroffer to Murdoch's bid, but no concrete offer has so far emerged.

    YOU MIGHT ALSO LIKE

    All Hail The Algorithm

    All Hail The Algorithm

    A five-part series exploring the impact of algorithms on our everyday lives.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    China will determine the future of Venezuela

    China will determine the future of Venezuela

    There are a number of reasons why Beijing continues to back Maduro's government despite suffering financial losses.