ARE YOU NEW HERE? NOT LOGGED IN? PLEASE TAKE A MOMENT TO REGISTER FOR AN ACCOUNT AND LOGIN TO REMOVE THIS WINDOW
Welcome to PatsFans.com. Do you have an account? If not - please take a moment to register for our forum and experience a much smoother experience with fewer ads, along with no longer having to see this notification window. Also learn about how you can receive a free Patriots T-Shirt from the Patriots Official ProShop by CLICKING HERE. Please enjoy your stay here, and Go Pats!
NEW YORK (AFP) - The board of US media firm Dow Jones & Co voted to approve a five-billion-dollar takeover bid by Rupert Murdoch's News Corp., the target company announced late Tuesday.
The firm confirmed a report in its daily business title The Wall Street Journal that it "would be prepared to approve, and recommend to the Dow Jones stockholders" the agreement, in a statement on its website.
The fate of the deal now rests with controlling shareholders in the Bancroft family, which holds 64 percent of the voting stocks in Dow Jones.
Amid reports of divisions within the family, the proposal is expected to be presented to the Bancrofts at a meeting on Thursday, though it could take more days before they make a decision on the deal, the newspaper said.
If it goes ahead, the deal could reshape the US media industry landscape and expand Murdoch's global media empire.
News Corp. said in a statement it was "grateful to the Board of Dow Jones & Company for its strong vote of support in favor of our offer to acquire Dow Jones."
The company said it was confident Dow Jones "will become an even more formidable and respected company" in combination with News Corp.'s "global content and distribution platforms."
Two Dow Jones board directors abstained from the vote, which has divided key shareholders over concerns for the prestigious title's editorial independence.
One member left the meeting early, Chris Bancroft, who opposes the sale to Murdoch and has sought out other investors to try to block Murdoch's move.
The newspaper said Murdoch and Dow Jones chief executive Richard Zannino had reached a tentative agreement at a lunch Monday.
Zannino has described the family's stance on the proposal as too close to call, the newspaper said.
The Bancroft family has been divided over the takeover prospect, with some members seeking steps to block it.
The Bancrofts initially rebuffed Murdoch's takeover, citing concerns about editorial independence, but negotiations have persisted between the parties as Murdoch has sought to allay the family's worries.
Steven Yount, the president of the IAPE union which represents many Dow Jones employees, earlier told AFP: "There are a lot of rumors, but... there won't be any deal until the Bancroft family signs an agreement, and as far as I know they are still looking for alternatives."
Murdoch resisted pressure from Dow Jones to raise his initial 60 dollars-per-share offer, and the five-billion-dollar (3.6-billion-euro) offer reflects his original bid.
The offer represents a hefty premium to the price of Dow Jones shares at the time of the offer.
Some members of the Bancroft family have been looking for alternatives to Murdoch's News Corp. and have actively courted other potential investors.
RECEIVE A FREE PATS T-SHIRT AND SAVE 15% OFF WHEN YOU BUY FROM THE OFFICIAL PROSHOP!
Free T-Shirt & Save 15% Off!
Like Our Site? Please help support our site and server costs by DONATING TO PATSFANS.COM and receive a FREE PATRIOTS T-SHIRT and SAVE 15% off EVERY purchase you make from PatriotsProShop.com. You'll also receive added benefits to your account including Removing All Ads During Your Experience Here At Our Forum.
NEEDED YEARLY SITE DONATIONS: 345 | CURRENT # OF SUBSCRIBED SUPPORTERS: 98
the Bancroft family still holds the final decision... and there is a tremendous amount of apprehension in selling to Rupert Murdoch, to the point where it is demanding Murdoch agree NOT to meddle in news affairs, or kiss his deal goodbye...