Dow Jones Agrees to Sell to Murdoch
Posted on Aug 1, 2007
Media tycoon Rupert Murdoch has long coveted The Wall Street Journal and has now reached a deal to buy parent company Dow Jones & Co. Many employees of the iconic paper and two board members who resigned expressed fears that the conservative Murdoch would damage the Journal’s objectivity and journalistic integrity, as with previous conquests.
NEW YORK—Rupert Murdoch has sealed a deal to buy Wall Street Journal publisher Dow Jones & Co. for $5 billion, ending a century of family ownership and adding a crown jewel to his global media empire, News Corp.
The companies said in the wee hours of Wednesday morning that they signed a definitive merger agreement after the deal won sufficient support to pass from a deeply divided Bancroft family, which has controlled the storied newspaper publisher for generations.
Murdoch is getting one of the great trophies of U.S. journalism and a newspaper that is considered required reading among the business and power elite.