Wsj Deal Done -- But Will It Stick?
Negotiators for News Corp and Dow Jones reached a tentative deal on Monday for Rupert Murdoch's company to acquire the publisher of The Wall Street Journal for $5 billion, the Journal reported today (Tuesday). The Dow Jones board is expected to approve the deal at a meeting set for tonight. An even more crucial meeting is reportedly set for Thursday, when the Bancroft family, who control about 64 percent of the company's votes, considers it. (Some reports indicated that the family vote is not likely to occur before next week.) Shares of Dow Jones advanced slightly to $57.50 in early trading today (Tuesday). They are up 65 percent from where they were on April 30 ($36.33), the day before Murdoch made his offer to buy the company for about $60 per share.