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 NEW YORK (AP) - Rupert Murdoch hasn't shrunk away from fights as he built News Corp. into a global media empire. But his surprise $5 billion bid for Dow Jones & Co., publisher of The Wall Street Journal, faces tough sledding after the company's controlling shareholders said they would block it.
Murdoch has long admired the Journal, and his ownership of it would mark a capstone in the career of the 76-year-old Australian-born executive, who is arguably the most powerful media mogul on the planet.
His proposal to buy Dow Jones would also dovetail with News Corp.'s plans to launch a business-oriented cable news channel to rival CNBC, but the offer ran into trouble Tuesday when the Bancroft family, which controls the shareholder vote of Dow Jones, said it would oppose the deal.
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