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BtoB

Dow Jones shareholders OK sale to News Corp.

Published on .

New York—Ending one of the most dramatic media sagas in recent history, shareholders of Dow Jones & Co. on Thursday formally approved the company’s $60 a share sale to News Corp. The approval clears the way for the $5.6 billion deal to officially close later today.

The outcome was not a surprise, as News Corp. Chairman-CEO Rupert Murdoch has for the last several weeks steered many changes throughout Dow Jones. Last week Dow Jones CEO Richard Zannino announced that he would leave the company at the close of the sale. A day later, L. Gordon Crovitz, publisher of The Wall Street Journal, said he, too, would exit Dow Jones management upon completion of the transaction. They are being succeeded by News Corp. executive Leslie Hinton, and former Times of London Editor Robert Thomson, respectively.

Also today, Linda Dunbar, VP-corporate communications for Dow Jones, announced that she is leaving the company. Other exits are expected to follow as Murdoch puts his full stamp on Dow Jones.

In addition to the Journal, Dow Jones owns Barron’s, Factiva, Dow Jones Newswires and MarketWatch.

—Matthew Schwartz

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