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 NEW YORK (AP) - The board of Dow Jones & Co. is assuming control of negotiations with Rupert Murdoch's News Corp. over the media conglomerate's unsolicited $5 billion offer to buy the company, which publishes The Wall Street Journal.
Dow Jones said in a statement late Wednesday that its board would "take the lead in addressing all aspects" of negotiations with News Corp. The Bancroft family had been hashing out proposals to give to News Corp. to ensure the editorial independence of the Journal, but none had yet been delivered.
The family, which controls 64 percent of Dow Jones' shareholder vote through a special class of stock, had said it was primarily concerned with safeguarding the integrity of the Journal, which the family has controlled for more than a century.
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