Murdoch’s latest aquisition made headlines:
The New York Times: For Mr Murdoch, the prospect of acquiring The Journal represents the pinnacle of his long career building the News Corporation into a $28 billion global media empire that already includes more than 100 newspapers around the world, satellite broadcast operations, the Fox television network, the online social networking site MySpace and many other properties. It also signals the end of an era for Dow Jones and the controlling Bancroft family, an intensely private clan that had allowed The Journal to operate independently and become one of the nation’s most prominent and trusted newspapers, even as its finances deteriorated. Dow Jones’s board is set to meet tonight and possibly take action on the sale.
The Guardian: Though much has been made of the Journal‘s attractiveness to News Corp, the importance of Dow Jones’ newswire business should not be forgotten. Founded in 1882, Dow Jones Newswires competes with the likes of Bloomberg and Reuters to provide financial and economic news to analysts, traders and brokers in 66 countries. For Mr Murdoch, beyond another financial news service he can charge for, it brings in nearly 1,000 editors and reporters — a vital support to News Corp as it cranks up its financial news output in the years ahead.
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The Australian: News Corporation has won its campaign to take over Dow Jones, The Wall Street Journal reported this morning. The Wall Street Journal, America’s top business newspaper, confirmed the $US5 billion ($5.83 billion) deal. The victory will mean News Corporation will take over the storied US media group, which also owns other newspaper, online and print assets, from the Bancroft family who had controlled Dow Jones for over a century.
Reuters via The Huffington Post: Bancroft family members holding 32% of the overall votes have agreed to support the $5 billion, $60-per-share bid, the Journal reported on Tuesday, citing unnamed sources. One key holdout, a trust overseen by a Denver law firm representing 9.1% of Dow Jones’s voting shares changed its mind and agreed to back the deal, the Journal reported. It was not clear if the firm would vote the entire 9.1% for the deal. Dow Jones shares rose nearly 12% in anticipation of the deal.