Despite a “last-ditch, long-shot crusade” by a member of the family that controls 64% of the voting shares of the Dow Jones media empire, today’s Wall Street Journal reports News Corp. is ever closer to acquiring Dow.
Christopher Bancroft is one of three family members on the Dow board. He is trying to buy more of the so-called super voting shares to try and scuttle the News Corp. bid. The story goes into detail about “tensions among members of the far-flung family” that have surfaced during the past few months.
News Corp. chairman Rupert Murdoch is set to have lunch today with Dow Jones CEO Richard Zaninno to “discuss price and other terms” of the deal.
It was announced last week that News Corp.’s new business network will be launched without incorporating the Wall Street Journal name.