Brace Yourselves For The Rupe Street Journal

News Corp. Purchase Of Dow Jones Approved

The day that everyone knew was coming is finally here — News Corp. has reached a tentative agreement to purchase the Wall Street Journal and Dow Jones. The $5 billion deal will be presented to the Dow Jones board tonight. News Corp. is definitely coming out ahead; they refused to raise their asking price in the deal as alternative purchasers (Ron Burkle, Pearson) stalled or cancelled their plans. Once the board approves the transaction, all that stands between Rupert Murdoch and the WSJ is the Bancroft family’s approval. And don’t expect heir Christopher Bancroft’s last-ditch effort to buy up enough of his relatives’ shares to block the deal to work.

Will the patrician Bancrofts sell to the populist Post/Sun/Fox owner? Probably — Dow Jones CEO Richard Zannino says the family’s position is “too close to call,” and we all know what that means.

Countdown to a Rupe-owned Journal in four … three … two …