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)
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