On top of the world
After much parrying and endless speculation, the Wall Street Journal reports that News Corp, owned by Rupert Murdoch, will officially become the new owner of the Dow Jones.
The Bancroft family, charged as majority shareholder with making the final decision, was apparently divided over the sale, but enough votes were made to push the $5 billion deal forward. This marks an end to the Bancrofts' century-long ownership of the company.
News Corp and the Dow will sign a merger agreement at some point today. The purchase adds The Wall Street Journal to Murdoch's stable of publications.
This October also marks the debut of Murdoch's Fox Business Network, a cable channel with ambitions to compete with CNBC. The Dow acquisition will likely add bulk to the offering.
