RUPERT MURDOCH WINS BID TO BUY DOW JONES

BANCROFT FAMILY SHAREHOLDERS GIVE ENOUGH SUPPORT TO LET DEAL GO THROUGH, MURDOCH WILL CONTROL WALL STREET JOURNAL

Controversial media tycoon Rupert Murdoch, through his company Newscorp, has reportedly persuaded the Bancroft family, which holds a controlling interest in the financial company Dow Jones, to sell the firm for $5.6 billion, giving him control of the Wall Street Journal newspaper. Until now, there had been opposition from within the Bancroft family, based on concerns Murdoch would distort the editorial culture and diminish the Journal's reputation for journalistic independence.

Murdoch has reportedly employed a no-pressure method of persuasion, raising the offer, and giving time for the editorial environment of the Journal to express and debate all competing views on the matter. He has reportedly assured the current ownership and board of Dow Jones that he will not interfere with the editorial choices of the Wall Street Journal. [Full Story]