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Google chairman and CEO Eric Schmidt, right and John Sculley chat before having lunch together at the annual Allen and Co.'s media conference Thursday, July 12, 2007, in Sun Valley, Idaho. Sculley, who previously ran Pepsi and Apple, is a partner in Sculley Brothers LLC, a private investment firm. (AP Photo/Douglas C. Pizac) |
Report: News Corp., Dow Jones reach deal
NEW YORK --Rupert Murdoch's News Corp. has reached a tentative agreement to buy Wall Street Journal publisher Dow Jones & Co., the Journal reported on its Web site late Monday.
The deal is for the original $5 billion price that Murdoch had offered and will be put to the full Dow Jones board Tuesday for its approval, the Journal said, citing unnamed people familiar with the situation.
The deal would still need approval from Dow Jones' controlling shareholders, the Bancroft family, which has been divided on a sale to News Corp. because of concerns over whether the Journal would maintain its editorial independence.
Michael B. Elefante, the Bancroft family's lead trustee, has scheduled a meeting for Thursday to present the agreement to the family and is expected to give the family members several days to make a decision, the Journal reported.
Representatives of Dow Jones and News Corp. did not immediately return telephone messages seeking comment.
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