NEW YORK, July 31 (UPI) -- The Dow Jones & Co. and News Corp. boards Tuesday approved News Corp.'s $5 billion purchase of the U.S. publisher, Dow Jones' Wall Street Journal reported.
The two companies, whose boards approved the takeover in separate meetings, were expected to sign a merger agreement and issue statements later Tuesday evening, the newspaper said.
The deal makes one of the oldest and best-known independent U.S. newspaper franchises part of Rupert Murdoch's worldwide media conglomerate, whose properties range from the Fox television network to the Times of London and the New York Post.
Murdoch -- who plans to use the Journal in his new Fox business news channel, set to start in October -- said Tuesday he could add four pages of news coverage to the Journal, the Journal reported.
News Corp.'s $60-a-share offer received support from Bancroft family members holding 37.4 percent of Dow Jones' voting power, more than half the family's total voting stake of 64.2 percent.
When added to the nearly 29 percent stock held by public shareholders, who are expected to vote for the deal, News Corp. should have nearly 67 percent of shareholder votes, more than enough to win a majority of Dow Jones shares.
