Dow Jones to muster more support
Dow Jones is considering a possible deal under which it would pay legal fees of shareholder Christopher Bancroft in a bid to get further support for its deal with News Corp, The Wall Street Journal reported on its website.
By Agencies |
NEW YORK: Dow Jones is considering a possible deal under which it would pay legal fees of shareholder Christopher Bancroft in a bid to get further support for its deal with News Corp, The Wall Street Journal reported on its website on Thursday.
The payment would be in exchange for Bancroft not blocking a trust he oversees from voting to approve the sale of Dow Jones to Rupert Murdoch’s News Corp for $5.6 billion, including debt. The trust holds 13.2 per cent of Dow Jones’s voting power, the paper said, adding a deal would increase to 50.6 per cent the amount of family votes for the deal.
Murdoch is expected to focus initially on how to boost Dow Jones Newswires prospects, the Journal said, citing unnamed sources. The media mogul is also expected to look into how he could use The Wall Street Journal to help News Corp’s planned business-news TV channel, the paper said.
The paper also reported that Times of London editor Robert Thomson is likely to “play a part” at the Journal. But Murdoch was not planning to replace any of the senior management at the Journal, the paper reported, citing an unnamed source.
Dow Jones, News Corp. and Christopher Bancroft could not be reached immediately.
The payment would be in exchange for Bancroft not blocking a trust he oversees from voting to approve the sale of Dow Jones to Rupert Murdoch’s News Corp for $5.6 billion, including debt. The trust holds 13.2 per cent of Dow Jones’s voting power, the paper said, adding a deal would increase to 50.6 per cent the amount of family votes for the deal.
Murdoch is expected to focus initially on how to boost Dow Jones Newswires prospects, the Journal said, citing unnamed sources. The media mogul is also expected to look into how he could use The Wall Street Journal to help News Corp’s planned business-news TV channel, the paper said.
The paper also reported that Times of London editor Robert Thomson is likely to “play a part” at the Journal. But Murdoch was not planning to replace any of the senior management at the Journal, the paper reported, citing an unnamed source.
Dow Jones, News Corp. and Christopher Bancroft could not be reached immediately.
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