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Last Updated: Thursday, 6 December 2007, 23:55 GMT
Dow Jones chief announces exit
Rupert Murdoch
Rupert Murdoch's bid hasn't been universally popular
The head of media firm Dow Jones, owner of the Wall Street Journal (WSJ), is to leave following its acquisition by Rupert Murdoch's News Corporation.

Richard Zannino will step down within weeks with the WSJ reporting that Les Hinton, head of Mr Murdoch's UK arm, News International, will succeed him.

Robert Thomson, editor of The Times, will become WSJ publisher, it added.

The BBC's Torin Douglas said a further reshuffle will see James Murdoch step down as chief executive of BSkyB.

Management moves

Mr Douglas said he understood that Mr Murdoch would become chairman of the satellite broadcaster, controlled by News Corp, as well as taking up a senior position heading News Corp's European and Asian businesses.

He added that BSkyB finance director Jeremy Darroch was expected to succeed Mr Murdoch at the helm of the company.

Dow Jones is about to begin a new chapter
Richard Zannino, Dow Jones chief executive

News Corp said it would announce Mr Zannino's successor shortly but has not commented on reports that Mr Hinton could be unveiled as early as Friday.

Mr Zannino said he was leaving after two years to "seek new challenges".

News Corp, whose newspaper empire includes The Times of London and the New York Post, is set to finally win control of Dow Jones in the next two weeks.

Dow Jones investors are expected to approve the $5bn (2.46bn) deal on 13 December.

'New chapter'

The bid is backed by the Bancrofts, which control Dow Jones, but some fear it will harm editorial independence.

Mr Zannino, who took the helm of the company in December 2006, said he had informed Mr Murdoch in September of his desire to move on.

"Dow Jones is about to begin a new chapter," he said.

"I will leave Dow Jones knowing the best is yet to come for readers, customers and employees."

Mr Murdoch, News Corp chairman, praised Mr Zannino for his "effective leadership", saying he had "revitalized Dow Jones during a time of great change for the industry".

Murdoch wins fight for Dow Jones
01 Aug 07 |  Business
Q&A: Dow Jones takeover
01 Aug 07 |  Business
Dow Jones board backs News Corp
18 Jul 07 |  Business
Dow Jones director quits over bid
19 Jul 07 |  Business

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