Story on Murdoch purchase of Wall Street Journal 'incorrect'
07/06/2007 @ 10:36 am
Filed by Michael Roston
A spokesman with the company that owns the Wall Street Journal
contested the accuracy of a Friday report from a British magazine that
News Corporation Chairman Rupert Murdoch succeed in purchasing the
most prestigious of American business newspapers.
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"That story is incorrect," said Howard Hoffman of Dow Jones Corporate
Communications in a Monday morning phone call to RAW STORY. Dow Jones
owns the Wall Street Journal in addition to a variety of other
publications and news services.
Hoffman declined to offer any further clarification of his remarks.
The Business, a British news magazine, reported that Murdoch had
reached a deal with the Bancroft family, who control the majority of
Dow Jones stock.
"Rupert Murdoch has succeeded with his $5 billion bid for Dow Jones,
owners of the Wall Street Journal, according to sources acting for the
Dow Jones board," Andrew Neil and James Forsyth reported on Friday.
"Negotiations have been completed and the board is confident the terms
of the deal will be accepted by the Bancroft family, which controls a
majority of voting shares in Dow Jones, over the next few days. A
formal announcement is expected next week."
Another British paper, The Guardian, also questioned the completion of
negotiations on Murdoch's purchase of Dow Jones.
"A spokesman for the Bancroft family, which owns a controlling stake
in Dow Jones, contradicted this report: 'I am reliably informed that
there is no change in the status of the discussions currently under
way,'" Stephen Brook and Katie Allen reported on Friday. "News
Corporation is continuing to conduct due diligence and the
negotiations are not complete."
Sources with News Corporation and the Dow Jones Employees' Union also
denied reports that negotiations were complete to the Guardian.
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