As of 9:25AM, CNBC is reporting that Dow Jones has agreed to a takeover by News Corp. David Faber stated a definitive agreement will be announced tonight … Right now the main issue for both News Corp. & DJ/Wall Street Journal is how much of the legal and advisory fees Rupert Murdoch will pay. According to Faber:
“It did come awfully close, in fact, closer than many had anticipated. But at the end of the day, according to people who were working on this, a number of the Bancrofts who had been somewhat vocal in their opposition Chris Bancroft for example seemed suddenly at the realization that they were going to have to pay all these banking fees said ‘Wait a second. Hey, if you pay my fees, I’ll give you my vote.’ And that may have turned it.”
Again, developing. As usual, the Times offers coverage of the latest Bancroft rifts.
UPDATE: It’s official. Dow Jones exec John Prestbo confirms Dow Jones “will be part of News Corp.”