Bancroft Family in Favor of Selling Dow Jones to Murdoch [View All]

Breaking News from ABCNEWS.com:

THE WALL STREET JOURNAL REPORTS ENOUGH BANCROFT FAMILY MEMBERS ARE IN FAVOR OF SELLING DOW JONES & CO. TO RUPERT MURDOCH'S NEWS CORP TO ENSURE THE SALE


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It appears that the Bancroft family has decided to sell Dow Jones, the company that it has owned for generations. The company's flagship newspaper, The Wall Street Journal, posted a story on its Web site just after noon today saying that the family members who control 32 percent of Dow Jones shares have decided to sell the company to Rupert Murdoch's News Corp.

But despite the newspaper report, a Bancroft family spokesman warned later in the afternoon that the sale is still not a done deal.

"The process of canvassing the Bancroft family members and trustees as to whether they wish to commit their respective shares to the proposed News Corporation transaction is still under way. Any suggestion that the process has been completed and/or that a particular level of support has been established is at this point premature," the spokesman said.

The Bancroft family has been divided for months over the $5 billion sale, but it looks as if Murdoch has mustered enough votes to make the sale a reality. The Bancrofts have 64.2 percent of the overall votes in Dow Jones, according to The Wall Street Journal

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