Key dates in Murdoch's pursuit of Dow

Key dates in Murdoch's pursuit of Dow

	Published : Tue, 31 Jul 2007 22:19 By : Agencies Print this Story

(AP) - Key events in the negotiations between News Corp., the media conglomerate controlled by Rupert Murdoch, and Wall Street Journal publisher Dow Jones & Co.:

-- March 29, 2007. Murdoch, the chairman and CEO of News Corp., has breakfast with Dow Jones CEO Richard Zannino and expresses interest in buying the company. Zannino informs several board members.

-- April 17: Dow Jones' board receives an offer from News Corp., but it has not yet been publicly disclosed.

-- April 18: Dow Jones holds its annual shareholder meeting. As expected, former CEO Peter Kann steps aside as chairman and is succeeded by Peter McPherson. Also, Marcus Brauchli is named managing editor of The Wall Street Journal, the top newsroom official at the paper, succeeding longtime managing editor Paul Steiger.

-- May 1: CNBC first reports news of News Corp.'s offer. Dow Jones shares jump more than 50 percent, but the Bancroft family, Dow Jones' controlling shareholders, say they would block the deal.

-- May 4: Reuters Group PLC, a major provider of financial news and data, says it was approached about a takeover, sending its shares soaring 25 percent. Reuters later agrees to be bought by Thomson Corp., another financial data company, creating greater competitive pressure on Dow Jones Newswires.

-- May 11: Murdoch sends the Bancroft family a letter seeking to allay concerns about safeguarding the independence and quality of The Wall Street Journal, promising, among other things, to set up an editorial oversight board for the paper.

-- May 31: The Bancroft family, in a turnaround, agree to meet with Murdoch, principally to address concerns about protecting the Journal's integrity, and say they would consider any other offers for the company.

-- June 4: Murdoch and several advisers meet with members of the Bancroft family. Both sides call the meeting 'constructive' but no subsequent meeting is set.

-- June 5: Billionaire investor Ron Burkle agrees to help the union that represents Journal employees explore alternatives to Murdoch's bid. However, no other serious bidders have yet to emerge.

-- June 7: Dow Jones' board expands severance provisions for top executives in the event the company is sold.

-- June 13: New managing editor Marcus Brauchli shakes up top editorial ranks at the Journal.

-- June 20: With progress in talks between the Bancrofts and News Corp. slow, Dow Jones' board takes over negotiations with Murdoch.

-- June 21: General Electric Co. and Pearson PLC say they have abandoned early stage talks about combining Dow Jones with GE's CNBC business news cable channel and Pearson's Financial Times newspaper.

-- June 26: News Corp. and Dow Jones reach an initial agreement on measures to protect the Journal's editorial independence.

-- July 17: Dow Jones' board gives tentative approval to News Corp.'s proposal.

-- July 19: German publishing executive Dieter von Holtzbrinck resigns from Dow Jones' board in protest over the decision to endorse Murdoch's offer, saying he is have ry worried' that The Wall Street Journal's journalism will suffer.

-- July 23: Bancroft family members gather in Boston for several hours to hear presentations about Murdoch's offer ahead of their final deliberations.

-- July 30: Negotiations continued beyond a 5 p.m. deadline for family members to signal their intentions about the deal.