CNBC’s David Faber is reporting Tuesday morning that Dow Jones & Co., the parent of The Wall Street Journal, Barron’s, Marketwatch and Dow Jones Newswires, will agree to be sold to News Corp. for $5 billion.
The story on the CNBC web site stated, “Still to be determined is how much of the legal and advisory fees News Corp. in the transaction, Faber said.
“‘It did come awfully close, in fact, closer than many had anticipated,’ Faber said. ‘But at the end of the day, according to people who were working on this, a number of the Bancrofts who had been somewhat vocal in their opposition–Chris Bancroft for example–seemed suddenly at the realization that they were going to have to pay all these banking fees said ‘Wait a second. Hey, if you pay my fees, I’ll give you my vote.’ And that may have turned it.'”
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