Brace Yourselves For The Rupe Street Journal

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.