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BtoB

Bancroft family meets to mull Dow Jones offer

Published on .

New York—The Bancroft family, which controls 64% of Dow Jones & Co.'s voting stock, meets in Boston today to consider News Corp. $5 billion bid for the company, which publishes The Wall Street Journal. For the deal to be approved, less than one-third of the Bancroft family vote is needed. Dow Jones’ board tentatively approved the deal last week.

News Corp. Chairman-CEO Rupert Murdoch in April offered to buy Dow Jones for $60 a share, a 67% premium on the company’s stock price before the offer became public.

In addition to the flagship Journal, Dow Jones owns Barron’s, MarketWatch.com and WSJ.com. Its Enterprise Media Group includes Dow Jones Newswires, Dow Jones Client Solutions and Factiva.

Last week Dow Jones reported a 27% drop in second-quarter earnings on stock compensation and restructuring charges. Revenue grew 16% to $529.7 million.

—Matthew Schwartz

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