Murdoch's $5.6b bid for Dow Jones Successful

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Murdoch's $5.6b bid for Dow Jones Successful

After months of negotiations Murdoch finally received the required level of support for his media conglomerate News Corporation to take control of Dow Jones owner of the Wall Street Journal - from the Bancroft family, who collectively owned 37 per cent of Dow Jones voting stock. The family was deeply divided over the decision to sell to Murdoch and many Wall Street staffers expressed concern that he will use the paper to further his business and political interests and will lower its reputation. "It's a bad thing for the Journal and American journalism that the Bancroft family could not resist Rupert Murdoch's generous offer," said former Dow Jones director, Jim Ottaway Jr. Andrew Neil, a former editor of News Corp's Sunday Times also spoke out, telling London radio that Murdoch was an interventionist proprietor, "When there is something he feels strongly about or when some of his business interests are at stake he leaves you in no doubt what he wants you to do."

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