Dow Jones tentatively OKs Murdoch deal

NEW YORK, July 17 (UPI) -- Rupert Murdoch's News Corp. reached a tentative deal to buy U.S. publisher Dow Jones & Co for $5 billion, Dow Jones's Wall Street Journal reported Tuesday.

The $60-a-share deal -- the original price Murdoch offered in mid-April -- was to be presented to the full Dow Jones board Tuesday night for approval, the Journal said.

It was then scheduled to be presented to the Bancroft family, which controls 64 percent of Dow Jones's voting power, on Thursday, the Journal said.

But the Bancroft family remains sharply divided on the sale, the Journal said. While some members are open to a deal, others have looked hard for an alternative to guarantee Dow Jones's editorial independence.

As a result, the family's position is too close to call, the newspaper reported.

News Corp. is one of the world's largest media companies, with newspapers on three continents, the U.S. Fox News Channel and many other properties.

It plans to start the Fox Business Network on cable TV in October to compete with CNBC. Its executives see Dow Jones -- which owns Dow Jones Newswires, Barron's, MarketWatch and other properties in addition to the Journal -- as a source of ready content and credibility for the business channel.