Story on Murdoch purchase of Wall Street Journal 'incorrect'

Michael Roston

Published: Friday July 6, 2007 Print This Email This

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.

"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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