News Corp. to buy Dow Jones for $5.6 billion
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Wed, 01 Aug 2007 06:47:21 GMT |
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NEW YORK (Reuters) - News Corp. said on Wednesday that it would buy Dow Jones & Co Inc. for $5.6 billion after gaining enough support from the family that controls the Wall Street Journal's publisher.In a joint statement, Dow Jones and News Corp. said Bancroft family members holding about 37 percent of Dow Jones's voting power agreed to support the deal.Dow Jones shareholders will receive $60 in cash for each share of common stock or Class B common stock that they own, the companies said.One Bancroft family member or another "mutually acceptable person" will be appointed to the News Corp. board, the companies said.They also agreed on a five-member committee to oversee the editorial independence of Dow Jones's news operations.The acquisition is expected to close in the fourth quarter, the companies said.(Reporting by Robert MacMillan and Paritosh Bansal)
(c) Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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