The media tycoon, Rupert Murdoch buys Dow Jones which owns the prestigious Wall Street Journal and a number of other titles.
The boards of both Mr Murdoch’s News Corporation and Dow Jones Group have approved a $5bn deal.
The move ends four months of disagreement with the Bancroft family, which has controlled Dow Jones Group since 1902.
$60 a share was paid for the Dow Jones Group, a little under twice what the shares were quoted as in April when the bid was first mooted.
The Dow Jones Group also publishes the finance magazine Barron’s and the Dow Jones Newswire.
Mr Murdoch has promised to invest more in Dow Jones journalism, after his decades-long moves for the paper sparked fears for its reputation and public debate about journalistic values.
Some expects Mr Murdoch would intervene in editorial values and import a sensationalist brand of journalism.
Many others say Mr Murdoch, who yesterday said he might add another four pages to The Wall Street Journal, could turn around its prospects. /APA-Economics/
Rupert Murdoch buys Dow Jones & Company
01 August 2007 09:03 (UTC +04:00)
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