However, certain details on the agreement still need to be worked out, according to The New York Times.
The Times said the tentative accord had not been shown to the Bancroft family, which owns a controlling interest in Dow Jones and can still block any deal.
The preliminary agreement calls for a special committee that will have five directors charged with preserving editorial independence, according to the Journal in its report on the negotiations. The Journal report added that News Corp. has also agreed to preserve Dow Jonesâ€™ code of conduct, a key demand made by Dow Jonesâ€™ negotiators.
News Corp. Chairman-CEO Rupert Murdoch has offered $60 a share for Dow Jones, a 67% premium above where the stock was trading before his offer was made public.