NEW YORK, Dec 13, 2007 (AFP) – Rupert Murdoch completed his hard-fought takeover of The Wall Street Journal and its parent company Thursday as Dow Jones & Co. shareholders formally approved a takeover by Murdoch’s News Corp.
The vote formalized a victory for Murdoch in his bid to wrest control of the Journal, the prestigious US business daily.
Murdoch, in an interview on the Fox News Channel that is part of his empire, called the Journal and its company “a wonderful” institution.
“We want to globalize it and digitize it. There is a lot to do. The paper itself will be the flagship,” he said.
Murdoch conceded that there was “nervousness” among the Dow Jones staff over his takeover, but “that has died down.”
The only question at the start of a shareholder meeting had been the size of the majority for the acquisition valued at 5.6 billion dollars.
Dow Jones reported in a statement that a final count showed shareholders with some 60.3 percent of the voting power had approved the buyout at 60 dollars a share.
That included 54 percent of the “supervoting” shares, mainly from the controlling Bancroft family. The results suggested still-strong opposition from the family that had owned the prestigio