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Dow Jones, News Corp. reach accord

NEW YORK, June 26 (UPI) -- Dow Jones and Co. and News Corp. agreed in principle in New York on editorial protections necessary for a takeover by media mogul Rupert Murdoch.

Sources familiar with the negotiations said some items still need to be resolved but the two sides essentially finalized the last points on the agreement Tuesday, The Wall Street Journal reported.

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Reaching agreement on the editorial protections for the Journal, Dow Jones' flagship publication, clears the way for the sale of Dow Jones and Co. to Murdoch's conglomerate for about $5 billion to continue.

The Bancroft family, which has controlled Dow Jones since the early 20th century, will weigh in as well on the newsroom accord, the source said. The two sides haven't reached an agreement on price, and a decision whether to complete an overall deal could be several days away.

The family's main concern has been protecting the Journal's newsroom integrity and some members remain resistant to the transaction.

Last week, the Bancrofts handed over negotiations on editorial protections to the company's board. The family's control of most of the super-voting shares gives it veto power.

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