Dow Jones & News Corp.: Takeover Deal Approved

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By FishbowlNY Comments

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.”