Murdoch takeover of Dow Jones Group

Murdoch takeover of Dow Jones Group

Wednesday, 1 August 2007 14:24

Media tycoon Rupert Murdoch is to buy Dow Jones, which owns the prestigious Wall Street Journal and a number of other titles.

The boards of both Mr Murdoch's News Corporation and Dow Jones Group have approved a $5bn deal, which is expected to be accepted by the shareholders.

The move ends months of disagreement with the Bancroft family, which has controlled Dow Jones Group since 1902.

Some members of the family fear that Mr Murdoch will use the journal to further his political and business interests, contaminating its reputation for independence.

The deal adds significantly to Rupert Murdoch's empire comprising some 100 newspapers, TV stations and the MySpace website.