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News Corp. and Dow Jones Agree on Price

By Jonathan Hemingway -- Broadcasting & Cable, 7/17/2007 6:05:00 AM

News Corp. and Dow Jones have reached a price, according to a report in The Wall Street Journal this morning. A deal in principle has been struck that has Rupert Murdoch’s News Corp. acquiring Dow Jones, publisher of the Journal, for $5 billion, or $60 a share. That represents the original offer News Corp. made in April.

 News Corp. would not comment on the deal.

The deal reportedly goes before the Dow Jones board today. It is still subject the approval from controlling shareholders, the Bancroft family, which will meet later this week to consider the proposal.

Members of the Bancroft family, which owns 64% of the voting interest in Dow Jones, had pressed News Corp. to raise its bid from the original offer.

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