...The Bancroft family, which owns 24 percent of Dow Jones shares but holds 64 percent of voting power through a dual-class stock system, said: ". . . the mission of Dow Jones may be better accomplished in combination or collaboration with another organization which may include News Corporation," the media company controlled by Murdoch.......Murdoch bid $5 billion for Dow Jones in April, a sum that was much more than the company's market value, saying he prized the Journal and wanted to add it to his global media conglomerate.
Almost instantly, Murdoch's offer was turned down by the Bancrofts, who feared that the media mogul, owner of Fox News Channel and the New York Post, would use the newspaper to further his political agenda and business interests.
The Bancrofts now appear to have relented to growing pressure from Dow Jones investors and have agreed to meet with Murdoch. The Dow Jones board said it would send a representative to the meeting, but did not specify when the meeting would take place.
On Wednesday, the chief investment officer of T. Rowe Price, the largest Dow Jones shareholder outside of the Bancrofts, urged the company to accept Murdoch's bid, saying Dow Jones has no plan to lift its share price to Murdoch's offer, the Financial Times reported...
Here's the rest of this Washington Post story.
