Done! Murdoch’s News Corp acquires Dow Jones and WSJ
Posted by Jean Yves Chainon on August 1, 2007 at 9:58 AM
After three months of speculation and strong opposition among the press and the Bancroft family, Rupert Murdoch’s News Corporation has clinched ownership of Dow Jones in his $5 billion takeover bid.
After approval of the deal by the companies’ respective boards, the only remaining obstacle was the Bancrofts’ endorsement – at least partial endorsement.
"After frantic last-minute negotiations, it became clear that the Bancrofts, who control 64% of Dow Jones, were pledging at least 38% of the company's stock to Mr Murdoch's News Corporation,” reported the Guardian.
Dow Jones’ shares leaped $5.82 to $57.38.
Although an official announcement has yet to be made, it seems Murdoch’s powerhouse move on Dow Jones has succeeded. Let’s just hope that the Wall Street Journal’s (owned by Dow Jones) concerns about editorial independence aren’t justified, and that Murdoch’s pledge to safeguard journalistic integrity will have some ground in reality.
Source: MarketWatch – Media Guardian
"After frantic last-minute negotiations, it became clear that the Bancrofts, who control 64% of Dow Jones, were pledging at least 38% of the company's stock to Mr Murdoch's News Corporation,” reported the Guardian.
Dow Jones’ shares leaped $5.82 to $57.38.
Although an official announcement has yet to be made, it seems Murdoch’s powerhouse move on Dow Jones has succeeded. Let’s just hope that the Wall Street Journal’s (owned by Dow Jones) concerns about editorial independence aren’t justified, and that Murdoch’s pledge to safeguard journalistic integrity will have some ground in reality.
Source: MarketWatch – Media Guardian
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