Remember way back when we thought Rupert Murdoch‘s Dow Jones bid was just a marketing stunt? That was fun. Then Dow decided to consider his offer, other companies almost bid, and the D.J. board got involved. The upshot? Two months after the initial offer shocked the media world, the Aussie has his trophy. Congrats, Mr. Murdoch.
London’s The Business is reporting that News Corp. will pay $60 per share for the company. The deal, which The Business says will be formally announced next week, still needs approval from the Bancrofts, but Murdoch expects it to come within two or three weeks.
E&P, however, isn’t positive that it’s a done deal. A Dow Jones spokesman told the publication that the company wasn’t Murdoch’s yet:
Steve Yount, president of the union local that represents Dow Jones employees, tells E&P, “There’s no deal until the family signs off– and they haven’t. It seems to me that the board has always been more interested than the Family in doing a deal with News Corp.”
Check back throughout the day for details.