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Murdoch wins control of Dow Jones Murdoch wins control of Dow Jones
(about 1 hour later)
Media tycoon Rupert Murdoch has won his battle to take over the American media giant Dow Jones, publisher of the Wall Street Journal. Media tycoon Rupert Murdoch has won his battle to take over the American media giant Dow Jones, publisher of the Wall Street Journal (WSJ).
It is believed his News Corporation company has paid $5bn (£2.6bn) to secure the deal.It is believed his News Corporation company has paid $5bn (£2.6bn) to secure the deal.
The Wall Street Journal is widely respected and regarded as America's leading business newspaper. Correspondents say the widely respected WSJ is regarded as America's leading business newspaper.
Mr Murdoch overcame concerns that the editorial independence of the newspaper would be threatened under his control.Mr Murdoch overcame concerns that the editorial independence of the newspaper would be threatened under his control.
He agreed to set up an independent panel to oversee the hiring and firing of staff.He agreed to set up an independent panel to oversee the hiring and firing of staff.
The deal ends months of disagreement with the Bancroft family who have owned the parent company, Dow Jones, for 100 years. 'Paying the price'
The BBC's Duncan Kennedy, in Washington, says Mr Murdoch wants to use the Wall Street Journal to take on newspapers like the UK's Financial Times. The deal had to be approved by the boards of both Mr Murdoch's News Corporation company and Dow Jones.
It ends months of disagreement between Mr Murdoch and the Bancroft family, who have owned the parent company, Dow Jones, for 100 years.
One of them, Leslie Hill, reportedly quit on Tuesday as a Dow Jones director as the final deal took shape.
News Corporation already owns 100 other newspapers worldwide
But another Bancroft descendant, Crawford Hill, urged fellow family members to vote for a sale last week.
He said the family had not taken an active enough role in overseeing Dow Jones and was now "paying the price for our passivity over the past 25 years".
Dow Jones shares rose sharply on Tuesday on the back of hopes that a deal was close, moving closer to Mr Murdoch's offer price of $60 (£30) a share.
The BBC's Duncan Kennedy, in Washington, says Mr Murdoch wants to use the WSJ to take on newspapers like the UK's Financial Times.
His News Corporation already owns 100 other newspapers worldwide, as well as television stations and film studios.His News Corporation already owns 100 other newspapers worldwide, as well as television stations and film studios.
Adding the Wall Street Journal, our correspondent says, will give Mr Murdoch further access to the top table of influential publications and, he hopes, the profits to match. Adding the WSJ, our correspondent says, will give Mr Murdoch further access to the top table of influential publications and, he hopes, the profits to match.