The Wall Street Journal announced tonight that Rupert Murdoch's News Corp. has reached a tentative agreement to buy Dow Jones at its original $5 billion offer price. The deal will be put to the full Dow Jones board Tuesday evening for its approval. The deal still faces its biggest hurdle -- getting approval from the Bancroft family, which controls 64% of Dow Jones's voting stock. The family's position on the deal is reportedly too close to call. The Bancroft family remains sharply divided on a sale to Rupe. While some members are open to a deal, others have been looking hard for an alternative. Michael Elefante, the Bancroft family's lead trustee, has scheduled a meeting for Thursday where he'll present the agreement to all Bancroft family members before asking for their final vote. Elefante is expected to give the clan several days to make a decision, suggesting a final resolution could be achieved some time next week. Needless to say, stay tuned...
