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NEWS CORP., DOW JONES VOTES IN

By
Janet Whitman
Published Dec. 13, 2007, 10:00 a.m. ET

News Corp. is set to acquire Wall Street Journal publisher Dow Jones & Co., as an early proxy tally shows shareholders representing a majority are in favor of the deal.

More than 50 percent of shares outstanding in Dow Jones already have cast yes votes ahead of today’s shareholder meeting on the proposed $60-a-share takeover by News Corp., a source said.

News Corp., which also owns The Post, is expected to close the deal shortly after the morning meeting.

The deal was all but assured after the Bancroft family – which controls Dow Jones through super-voting shares – agreed in the summer to sell to News Corp. for $5 billion.

Representatives from News Corp. and Dow Jones had no comment.

News Corp. Chairman Rupert Murdoch already is making his mark on Dow Jones and the Journal, a newspaper he has long coveted.

Last week, Dow Jones CEO Rich Zannino said he would resign to make way for a new management team installed by News Corp.

Zannino is being replaced by veteran News Corp. exec Les Hinton.

Robert Thomson, editor of News Corp.’s Times of London, will become publisher of the Journal, replacing Gordon Crovitz.