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Murdoch wins fight for Dow Jones Murdoch wins fight for Dow Jones
(10 minutes later)
Media tycoon Rupert Murdoch has won his battle to buy US media giant Dow Jones, publisher of the Wall Street Journal.Media tycoon Rupert Murdoch has won his battle to buy US media giant Dow Jones, publisher of the Wall Street Journal.
His News Corporation firm has secured the deal for $5.6bn (£2.7bn), or $60 a share - a 65% premium to Dow's share price before the bid was announced.His News Corporation firm has secured the deal for $5.6bn (£2.7bn), or $60 a share - a 65% premium to Dow's share price before the bid was announced.
The agreement comes after Mr Murdoch received the required level of support from the Bancroft family, which hold the majority of Dow Jones' shares. The agreement comes after Mr Murdoch received the required level of support from the Bancroft family, who hold the majority of Dow Jones' shares.
It ends the Bancroft's 100-year stewardship of the Dow Jones. It ends the Bancrofts' 100-year stewardship of the Dow Jones.
One of the members of the family, Leslie Hill, reportedly quit on Tuesday as a Dow Jones director as the final deal took shape. The offer was approved by members of the Bancroft family who collectively owned 37% of Dow Jones' voting stock.
But another Bancroft descendant, Crawford Hill, urged fellow family members to vote for a sale last week. Given the Bancrofts' long and distinguished history as custodians of Dow Jones, we appreciate how difficult this decision was Rupert Murdoch, News Corporation
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". The Bancroft family controlled 64% of the shares of Dow Jones, but only about half of them needed to support Mr Murdoch's bid for it to succeed.
Further takeovers 'Deeply gratified'
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. "I am deeply gratified at the level of support we have received from the Bancroft family and its trustees," said Mr Murdoch.
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. "Given the Bancrofts' long and distinguished history as custodians of Dow Jones, we appreciate how difficult this decision was for some family members."
His News Corporation already owns 100 other newspapers worldwide, as well as television stations and film studios. Richard F. Zannino, Dow Jones chief executive, said: "The transaction will deliver significant returns to our shareholders.
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. "It will also build on our recent, industry-leading earnings growth and make our company and journalism even stronger.
The Bancrofts had been deeply divided over whether to sell the Dow Jones, which includes the flagship business newspaper Wall Street Journal (WSJ).
They were concerned that Mr Murdoch's aggressive management style would interfere with the editorial integrity of the newspaper.
Under the terms of the deal, a five-member special committee will be established to assure the journalistic and editorial integrity and independence of Dow Jones' publications and services, including the WSJ.
News Corporation already owns 100 other newspapers worldwide, as well as television stations and film studios and the purchase of the Dow Jones will add to his growing media empire.