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Article: Dow Jones Board Sends Murdoch Deal to Bancrofts
- Article from:
- The Washington Post
- Article date:
- July 18, 2007
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Now it's up to 35 contentious relatives whether Rupert Murdoch
gets control of the Wall Street Journal.
The Dow Jones & Co. board of directors last night said it would
recommend that the company's family owners approve a sale to
Murdoch's News Corp., the last barrier between the global media
mogul and his coveted Journal.
The 35 members of the Bancroft family, descendants of the founder
of the modern Journal, hold 64 percent of Dow Jones voting control
and have four of the board's 16 seats. A majority of the Bancrofts'
shares is required to approve the $5 billion sale to Murdoch.
The Dow Jones board "has determined that it would be prepared to
approve, and recommend to the Dow Jones ...