Dow Jones Shareholders OK $5B Murdoch Bid

(AP)  Shareholders of Dow Jones & Co. gave final approval Thursday to a $5 billion bid from Rupert Murdoch's News Corp. to acquire the media company, the final step needed before one of the world's most influential newspapers, The Wall Street Journal, changes hands.

The controlling shareholders of Dow Jones, the far-flung Bancroft family, had initially rebuffed Murdoch's approach this spring, but eventually enough of them agreed to accept his offer of $60 a share to ensure the bid would succeed.

Dow Jones held the shareholder vote in a hotel in the financial district of lower Manhattan, near its headquarters. The formal closing of the deal is expected to occur either later Thursday or Friday.

The Bancroft family was long seen as unified in opposition to selling and at first rebuffed Murdoch's extremely rich offer, but Murdoch was able to win over enough family members to assure that his bid would be approved in a shareholder vote.

The deal was approved by a total of 60.3 percent of the shareholder vote.

Murdoch's bid represented a massive premium of 65 percent over the price Dow Jones shares had been trading at before his offer became public. Newspaper shares other than Dow Jones have declined sharply this year on deepening concerns about declining revenues as advertising dollars move to the Internet.

Murdoch has given an overview of the kinds of changes he wants to bring to the newspaper, but not many specifics. He has said he wants to increase the paper's Washington coverage and online operations, and is contemplating further opening up the Journal's Web site to non-paying subscribers. He also wants to compete more directly against The New York Times for national readers and advertising dollars.

Last week Murdoch named a longtime News Corp. publishing executive Les Hinton to be CEO of Dow Jones, replacing Rich Zannino, who is leaving the company.

Also Robert Thomson, the editor of Murdoch's The Times newspaper in London, will become publisher of the Journal and Dow Jones other news outlets, Barron's and Dow Jones Newswires.

[harp1963]

On judgement day, Murdoch will wish he had been a homeless guy living under a bridge in Pittsburgh.

[walt1944-2009]

The Great Emperor Bush is delighted that his old buddy, Rupert Murdoch, will be gobbeling up Dow Jones including the Wall Street Journal.

Soon, according to the Emperor, there will be only ONE newspaper, which will tell the news the way the Emperor wants the citizens of the USSA to hear or see it. Now, there maybe some who might label such thought as STATE PROPOGANDA, but the Emperor does not see it that way, and after all, it''s the Emperor''s way or NO WAY!

SIG HEIL, BUSH!!!

[gkc99]

This takeover by the foreign billionaire Murdoch is every bit as dangerous to America as the Dubai Ports takeover of U.S. ports, if not more so. This foreign interest will now control a massive chunk of the U.S. media, include *** News, and now the WSJ. We can all see how biased and shaped the *** "news" is; prepare for more of the same from the venerable Wall Street Journal.

This takeover should be blocked as a national security matter.

But it won''t be. Everything in the Darth Bushit administration is for sale to the likes of Rupert Murdoch, if indeed this class of uber-rich predators doesn''t already pretty much own America.

Thanks, Bushits!

[hypnotoad72]

Americans give up what they choose to give up. That''s why there are so many mergers and buyouts. Kinda hard to compete with corporations in the first place too...

Also, Murdoch built his empire with FOX - a broadcast network that keeps pushing the envelope. Not really pushing, but shredding it by introducing more and more elements of flagrant filth. (Then turn to his cable station and listen to all the folks rant about how degenerate the media industry has come.)