Dow Jones And WSJ Sell Out To Murdoch
Posted by jeremiasx on December 15, 2007
The world’s most powerful media magnate, Rupert Murdoch, strikes again…
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.
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….