Murdoch wins control of Dow Jones

NEW YORK, Aug 1, 2007 (AFP) – Media tycoon Rupert Murdoch has won control of Dow Jones & Co. and The Wall Street Journal newspaper in a five billion dollar takeover, the US company confirmed Wednesday. Dow Jones’s assets also include Barron’s magazine, MarketWatch, DowJones Newswires, the Dow Jones Indexes and the Ottaway group of newspapers. The coup for Murdoch’s News Corp. after three months of intense negotiations is expected to lead to a dramatic shakeup of the US media landscape.

The acquisition comes after tough talks between News Corp., Dow Jones and the divided Bancroft family who have controlled Dow Jones and its flagship business daily for over a century.

The deal was approved by both boards of directors and members of the Bancroft family and trustees representing 37 percent of the company’s shareholder vote, the companies said in a statement posted on the Dow Jones website.

In a concession by Murdoch, a five-member committee will be charged with “assuring the continued journalistic and editorial integrity and independence of Dow Jones’ publications and services,” the companies said.

Some Bancroft family members, echoing the worries of journalists at the paper, had voiced