Dow Jones approves News Corp buyout

The board of Dow Jones & Co has approved a $5bn offer from News Corp to buy the US media group, publisher of The Wall Street Journal.

Dow Jones approves News Corp buyout
The board of Dow Jones & Co has approved a $5bn offer from News Corp to buy the US media group, publisher of The Wall Street Journal.

The decision announced on Tuesday night had been delayed, but now brings Ruport Murdoch, chairman of News Corp, a step closer to his long-held ambition of publishing the newspaper.

The Wall Street Journal reported that the deal was approved by the boards of both companies, which met separately.

The deal will see News Corp take over other newspapers, and online and print assets of the media group, which has been controlled by the Bancroft family for more than a century.

It will also add to Murdoch's sprawling media empire - from the Fox television stations and MySpace online social network to The Times of London and The New York Post.

It would also aid the launch of a Fox business channel later this year.

AFP said a Bancroft family spokesman refused to comment on the deal, while representatives of Dow Jones and News Corp were not immediately available for comment.

Dow Jones shareholders still must approve the buyout, but analysts say it is a mere formality given the 65 per cent premium Murdoch offered.

Agencies
Last Mod: 01 Ağustos 2007, 11:53
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