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Dow Jones And WSJ Sell Out To Murdoch

Posted by jeremiasx on December 15, 2007

uglyrupert.jpg

The world’s most powerful media magnate, Rupert Murdoch, strikes again…

From Forbes:

The Bancroft family’s 105-year ownership of Dow Jones and The Wall Street Journal came to an end Thursday after company shareholders approved NewsCorp.‘s $5.6 billion takeover bid.

Shareholders controlling 60.3% of the company’s voting shares approved the deal, including 77.6% of common shareholders and 54.1% of the company’s class B shares, most of which were held by the Bancrofts. News Corp. (nyse: NWS news people ) is expected to announce the completion of the acquisition later Thursday.

At a buyout price of $60 a share, Dow Jones (nyse: DJ news people )shareholders will be reaping a 65% premium over the company’s final closing price at the time the offer was made public May 1.

But the mood at the shareholders meeting, held in a hotel across the street from the company’s New York headquarters, was mixed. The vote marked the end of Dow Jones’ history as an independent company, a change that many of those present, particularly certain members of the Bancroft family, did not welcome.

“I’m sad about this. This is a moment that I did not wish for,” Dow Jones director Christopher Bancroft said, before the meeting….

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One Response to “Dow Jones And WSJ Sell Out To Murdoch”

  1. […] Original post by jeremiasx […]

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