News Corp. has reached a tentative deal to acquire Dow Jones & Co., the parent of The Wall Street Journal, for $5 billion, according to a short on the Journal’s web site Monday evening.
“In what could be the final round of talks, this afternoon negotiators from News Corp. and Dow Jones — including Chief Executive Richard Zannino, company advisers and two independent directors — reached an agreement in principle on a deal first proposed by News Corp. in mid-April. News Corp. Chairman Rupert Murdoch resisted pressure from Dow Jones to raise his initial $60 a share offer, which represented a 67% premium to where the Dow Jones stock was trading before news of the offer became public.”
Ellison later wrote, “The deal still faces its biggest hurdle — getting approval from the Bancroft family, which controls 64% of Dow Jones’s voting stock. Mr. Zannino has indicated to News Corp. that the family’s position on the deal is too close to call, according to a person who spoke to him.”
Read more here.
The U.S. ambassador to the United Nations has lambasted Russia over its continued detention of…
Wall Street Journal editor in chief Emma Tucker sent out the following on Thursday: Today we announced…
Clare Malone of The New York writes about Hunterbrook, which is using reporting from journalists to…
The Hollywood Reporter awards editor Tyler Coates is leaving the news organization. His last day will be…
Laura Purkess has been promoted to consumer features editor at The Sun. She will maintain…
Pat Ferrier, senior business reporter at the Coloradoan in Fort Collins, is retiring after 23…