Dow Jones Shareholders Approve Takeover by News Corp.

Shareholders of Dow Jones & Co. gave final approval today to a $5 billion bid from Rupert Murdoch’s News Corp. to acquire the media company, the final step needed before one of the world’s most influential newspapers, The Wall Street Journal, changes hands.The controlling shareholders of Dow Jones, the far-flung Bancroft family, had initially rebuffed Mr. Murdoch’s approach this spring, but eventually enough of them agreed to accept his offer of $60 a share to ensure the bid would succeed.Dow Jones held the shareholder vote in a hotel in the financial district of lower Manhattan, near its headquarters. The formal closing of the deal is expected to occur either later today or tomorrow.The Bancroft family was long seen as unified in opposition to selling and at first rebuffed Mr. Murdoch’s extremely rich offer, but Mr. Murdoch was able to win over enough family members to assure that his bid would be approved in a shareholder vote.The deal was approved by a total of 60.3% of the shareholder vote.Mr. Murdoch’s bid represented a massive premium of 65% over the price Dow Jones shares had been trading at before his offer became public. Newspaper shares other than Dow Jones have declined sharply this year on deepening concerns about declining revenues as advertising dollars move to the Internet.Mr. Murdoch has given an overview of the kinds of changes he wants to bring to the newspaper, but not many specifics. He has said he wants to increase the paper’s Washington coverage and online operations, and is contemplating further opening up the Journal’s Web site to non-paying subscribers. He also wants to compete more directly against The New York Times for national readers and advertising dollars.Last week Mr. Murdoch named a longtime News Corp. publishing executive, Les Hinton, to be CEO of Dow Jones, replacing Rich Zannino, who is leaving the company.Also, the editor of Murdoch’s The Times newspaper in London, Robert Thomson, will become publisher of the Journal and Dow Jones other news outlets, Barron’s and Dow Jones Newswires.

Dow Jones Shareholders Approve Takeover by News Corp.

Dow Jones Shareholders Approve Takeover by News Corp.

More from the New York Sun

Jeffries Addresses Private Meeting with Kushner, Saying Conversation Will Not Affect Democratic Investigations Into the ‘Trump Cartel’

The Luxury Condos Mamdani’s Pied-à-Terre Tax Missed

Abbott Asks Federal Court To Reject Minnesota’s Effort To Force ‘Rushed’ Extradition of ICE Agent

Harry and Meghan’s Professional Future Murky as Ex-‘Working Royals’ Return to Prodigal Prince’s Homeland

America’s $40 Trillion National Debt Is Less Alarming Than It Appears

A Muddled ‘Real Ivanov’ Strains for Modern Resonance

Did Eve Arden Live the Life Sylvia Plath Desired?

Washington Slow To Tackle a Brewing Crisis, as America’s Most Powerful Mideast Allies, Turkey and Israel, Lock Horns

More from the New York Sun

Jeffries Addresses Private Meeting with Kushner, Saying Conversation Will Not Affect Democratic Investigations Into the ‘Trump Cartel’

The Luxury Condos Mamdani’s Pied-à-Terre Tax Missed

Abbott Asks Federal Court To Reject Minnesota’s Effort To Force ‘Rushed’ Extradition of ICE Agent

Harry and Meghan’s Professional Future Murky as Ex-‘Working Royals’ Return to Prodigal Prince’s Homeland

America’s $40 Trillion National Debt Is Less Alarming Than It Appears

A Muddled ‘Real Ivanov’ Strains for Modern Resonance

Did Eve Arden Live the Life Sylvia Plath Desired?

Washington Slow To Tackle a Brewing Crisis, as America’s Most Powerful Mideast Allies, Turkey and Israel, Lock Horns