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Dow Jones family to consider sale Dow Jones jumps on bid war hopes
(about 6 hours later)
The family that controls the Dow Jones media group has said for the first time that it will consider selling the firm to Rupert Murdoch's News Corporation. Shares in the Dow Jones media group have jumped on hopes that a takeover battle could break out for the firm.
The Bancroft family, which controls 64% of Dow Jones' voting rights, said it would also look at any forthcoming rival offers. Earlier the Bancroft family, which controls the group, said it would consider selling Dow Jones to Rupert Murdoch's News Corporation.
But the family, which controls 64% of Dow Jones' voting rights, added it would also consider any rival offers.
News Corporation made its $5bn (£2.5bn) bid at the start of May, but the Bancrofts have not commented until now.News Corporation made its $5bn (£2.5bn) bid at the start of May, but the Bancrofts have not commented until now.
Shares in the group surged more than 13%, or $7.25, to $60.56 in early US trade - higher than the Murdoch offer of $60 per share.
Dow Jones owns the Wall Street Journal and other newspaper titles.Dow Jones owns the Wall Street Journal and other newspaper titles.
'Collaboration''Collaboration'
"The family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organisation, which may include News Corporation," the Bancrofts said in a statement."The family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organisation, which may include News Corporation," the Bancrofts said in a statement.
With the family said to have been originally concerned about the ongoing reputation of the Wall Street Journal, they added that they would meet Mr Murdoch to see if they can find a way to protect its editorial independence after any sale. With the family said to have been originally concerned about the ongoing reputation of the Wall Street Journal, they added that they would meet Mr Murdoch to see if they could find a way to protect its editorial independence after any sale.
Their comments come two weeks after Mr Murdoch reached out to the family in a letter published in the Journal.
In the letter Mr Murdoch said he would establish "an independent, autonomous editorial board" for the newspaper.
He added that he would invite a Bancroft family member to join this board "to help alleviate any concerns about maintaining journalistic integrity and ensure good communication between the family and News Corporation going forward".
Analysts are divided over whether a rival bidder for Dow Jones may come forward.Analysts are divided over whether a rival bidder for Dow Jones may come forward.
While some think it is likely, others say News Corporation's offer price is too high for others to better.While some think it is likely, others say News Corporation's offer price is too high for others to better.
The main US share index is named after the Dow Jones company.The main US share index is named after the Dow Jones company.