New York - Shareholders of Dow Jones & Co Thursday formally approved the 5.6-billion-dollar sale of the company to Australian media mogul Rupert Murdoch's News Corp, the final step in the takeover. The approval came from less than two-thirds of the voting stock. Only 60.27 per cent accepted the 60-dollar-a-share offer approved by the boards of both companies in August, the Dow Jone's flagship daily, the Wall Street Journal, reported online.
The sale of the country's most prestigious and serious newspaper, held by the Bancroft family for more than a century,to one of the world's most flamboyant publishers noted for his tabloid programme has provoked opposition and criticism in the US.
While 78 per cent of the common-share holders voted in favour of the deal, only 54 per cent of the supervoting shareholders were in favour. Most of the supervoting stock is held by members of the Bancroft family that ran Dow Jones for more than a century, the newspaper noted.
The announcement was made by Dow Jones's general counsel Joe Stern.
Dow Jones owns The Wall Street Journal, Barron's and Dow Jones Newswires.
Murdoch has brought on board former Times of London editor Robert Thomson as Dow Jones publisher and News Corp executive Leslie Hinton as chief executive, who are expected to start work Friday, the newspaper said.
The Journal reported that Murdoch wore a Santa cap to an annual holiday lunch for executives and their support staff on Wednesday.
Last week, Murdoch elevated his son and heir, 34-year-old James Murdoch, to a key role in his media empire in what was seen by analysts as the biggest management shake-up at the group in years.
As part of the reshuffle, Murdoch Jr has been given the task of overseeing Murdoch's international operations in Europe, the Middle East and Asia, ranging from Star TV, the Hong Kong-based Chinese network, to Sky Italia and a growing broadcasting business in eastern Europe.
The move could herald a new focus on international expansion at News Corporation, Murdoch's US media group, where Murdoch Jr could soon assume a senior executive role, analysts said.
