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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 cleared the way for the $5.6 billion deal to officially close. 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. On Friday, Ann Marks resigned from her posts as CMO of Dow Jones and senior VP-CMO of the company’s consumer-media group. Her resignation was effective immediately; no successor has been named.
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