Dow Jones and News Corp close to agreement on editorial independence - report |
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Tue, 26 Jun 2007 11:40
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LONDON (Thomson Financial) - Dow Jones & Co and News Corp are on the brink of agreeing on editorial protections for Dow Jones, an accord that would pave the way for the sale of the publisher of The Wall Street Journal to the rival media conglomerate for about 5 bln usd, according to people familiar with the matter, reported the Wall Street Journal itself.The newspaper said that while a deal appeared possible as early as today, the biggest concern on both sides is whether the Bancroft family, which controls Dow Jones, will support the compromise.Though the family has overcome some of its previous doubts about selling the company, the situation remains fluid, and some members continue to privately express resistance to a deal, the paper said.The News Corp bid first surfaced two months ago, and was initially met with silence from the family, but eventually the Bancrofts decided to open the company to offers, including News Corp's, and and talks began among family members about a structure for editorial independence.Last week, the Bancrofts ceded the negotiations over editorial protections to the company's board, which largely supports the sale.tf.TFN-Europe_newsdesk@thomson.comrwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Dow Jones owners seek two seats on News Corp board, close to deal - reports 