Dow Jones is set on Journal's independence

NEW YORK, June 24 (UPI) -- News Corp. is close to a deal to protect The Wall Street Journal's journalistic independence if Dow Jones agrees to a takeover, The New York Times said.

Citing several people briefed on the negotiations, the Times Sunday said agreement on terms to protect the Journal's newsroom independence did not necessarily mean that the Bancroft family -- which controls 64 percent of Dow Jones' shares -- would approve a takeover by News Corp., controlled by Rupert Murdoch.

Murdoch has long been looking to add Dow Jones to his global media empire, the Times said.

The Bancroft family, which has controlled Dow Jones for more than 100 years, is intent on protecting the independence of the Journal should a takeover occur. Family members have been wary of Murdoch because of his reputation for sensationalism and political interference in the news operations of his holdings -- which include Fox News Channel and The New York Post.

Murdoch has offered $60 a share for Dow Jones.