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| Version 4 | Version 5 |
|---|---|
| Murdoch 'close' to Dow Jones deal | Murdoch 'close' to Dow Jones deal |
| (about 3 hours later) | |
| Rupert Murdoch's News Corporation is moving closer to a deal to buy US media group Dow Jones, the Dow-owned Wall Street Journal (WSJ) has reported. | Rupert Murdoch's News Corporation is moving closer to a deal to buy US media group Dow Jones, the Dow-owned Wall Street Journal (WSJ) has reported. |
| Members of the Bancroft family, which controls the firm, are deciding whether to back the $5bn (£2.6bn) bid. | Members of the Bancroft family, which controls the firm, are deciding whether to back the $5bn (£2.6bn) bid. |
| The WSJ said an arrangement whereby Dow Jones may pay $30m in deal-related costs to them could sway some family members unsure about the deal. | The WSJ said an arrangement whereby Dow Jones may pay $30m in deal-related costs to them could sway some family members unsure about the deal. |
| But a Bancroft family spokesman said no decision had been taken either way. | But a Bancroft family spokesman said no decision had been taken either way. |
| 'Premature' | 'Premature' |
| The WSJ reported that Bancroft family members controlling up to 38% of voting shares in the firm now favoured a deal. | The WSJ reported that Bancroft family members controlling up to 38% of voting shares in the firm now favoured a deal. |
| Any suggestion the process has been completed is at this point premature Bancroft family spokesman Why Rupert Murdoch wants the Wall Street Journal | Any suggestion the process has been completed is at this point premature Bancroft family spokesman Why Rupert Murdoch wants the Wall Street Journal |
| Combined with non-family members said to support the bid, this could give News Corp effective control of the business. | Combined with non-family members said to support the bid, this could give News Corp effective control of the business. |
| The news led to a sharp rise in Dow Jones shares, which gained $5.82 to $57.38. | The news led to a sharp rise in Dow Jones shares, which gained $5.82 to $57.38. |
| But a spokesman for the Bancrofts said family members and representatives of trusts, which between them control 64% of Dow Jones' voting shares, had yet to make up their minds. | But a spokesman for the Bancrofts said family members and representatives of trusts, which between them control 64% of Dow Jones' voting shares, had yet to make up their minds. |
| "Any suggestion that the process has been completed or that a particular level of support has been established is at this point premature," the spokesman said. | "Any suggestion that the process has been completed or that a particular level of support has been established is at this point premature," the spokesman said. |
| The bid seemed in peril on Monday when a deadline passed for members of the Bancroft family to decide on the offer. | The bid seemed in peril on Monday when a deadline passed for members of the Bancroft family to decide on the offer. |
| News Corp reacted to this by saying it was "highly unlikely" to go ahead with the bid. | News Corp reacted to this by saying it was "highly unlikely" to go ahead with the bid. |
| News Corp's board is meeting to decide whether to proceed with the bid and force Dow Jones shareholders to vote on the deal. | |
| The bid has attracted criticism from figures within the media industry who believe it could threaten the Wall Street Journal's editorial independence, although News Corp has vowed to uphold the paper's independence. | The bid has attracted criticism from figures within the media industry who believe it could threaten the Wall Street Journal's editorial independence, although News Corp has vowed to uphold the paper's independence. |
| Split views | Split views |
| Bancroft members are split over the merits of the deal. | Bancroft members are split over the merits of the deal. |
| The WSJ said that the position of Christopher Bancroft and a number of trusts was likely to be vital in determining the success of the bid. | The WSJ said that the position of Christopher Bancroft and a number of trusts was likely to be vital in determining the success of the bid. |
| It said discussions were hingeing on a proposal for the Dow Jones board to create a fund to cover the Bancrofts' legal and banking costs, thought to be about $30m. | It said discussions were hingeing on a proposal for the Dow Jones board to create a fund to cover the Bancrofts' legal and banking costs, thought to be about $30m. |
| News Corp first tabled its bid for Dow Jones on 1 May. It has since won the backing of Dow Jones' board, although one director subsequently resigned in protest. | News Corp first tabled its bid for Dow Jones on 1 May. It has since won the backing of Dow Jones' board, although one director subsequently resigned in protest. |
| A rival suitor is waiting in the wings, with Brad Greenspan, founder of the MySpace social network, saying he has got backing from five investors wanting to buy into the business. | A rival suitor is waiting in the wings, with Brad Greenspan, founder of the MySpace social network, saying he has got backing from five investors wanting to buy into the business. |