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Last Updated: Wednesday, 18 July 2007, 07:24 GMT 08:24 UK
Dow Jones board backs News Corp
Wall Street Journal on newspaper stand
The future of Dow Jones now rests with the Bancroft family
The board of US media firm Dow Jones, owner of the Wall Street Journal, has voted to back a $5bn (2.5bn) takeover by Rupert Murdoch's News Corporation.

Dow Jones confirmed it "would be prepared to approve, and recommend to the Dow Jones stockholders" the agreement, it said in a statement.

The deal's future now rests with shareholders in the Bancroft family, which holds 64% of the voting stock.

If it goes ahead, the deal could reshape the US media landscape.

The offer represents a 65% premium on Dow Jones' share price at the time the deal was announced.

The proposal is expected to be presented to the Bancrofts at a meeting on Thursday.

Several Bancroft family members have been looking for alternatives to Rupert Murdoch's News Corporation, and have courted other potential investors.

But no-one has come forward with an offer that trumps News Corp's $60-a-share price.

A number of Wall Street Journal journalists - and the IAPE union - have also voiced strong opposition to Mr Murdoch gaining control of Dow Jones. News Corporation launched the surprise bid for Dow Jones in May.

Since then, Mr Murdoch's company has been battling to reassure sceptics that the paper's independence will be maintained under New Corp's ownership.

A successful bid would bring Dow Jones publications including the Wall Street Journal and Barron's under the same stable as News Corp's New York Post in the US, and The Sun and The Times in the UK.

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