The Wall Street Journal confirmed that Rupert Murdoch's surprise $5 billion bid went to the Dow's board of directors for approval last night - and received it.

The deal still requires approval from the Bancroft family, which controls the Dow's voting rights. The Bancrofts will discuss the offer on Thursday.

A successful acquisition would bring Dow's Wall Street Journal and Barron's, among other major properties, into the News Corp stable.

In late June, reporters at the Wall Street Journal slept in to demonstrate the importance of the Journal's journalistic liberty.