The boards of both companies were set to hold separate meetings late Tuesday to ratify a definitive agreement, Faber said.

The accord would end months of wrangling among the Bancroft family, which controls Dow Jones . Many members had opposed the $5 billion offer, which became public on May 1, fearing Murdoch would interfere with the Journal's editorial independence. But monetary issues appeared to have caused many family members to switch their votes.

"They suddenly realized that if they were to turn down this deal, they would also be on the hook for paying all those fees to their advisers," Faber said, including Merrill Lynch and the law firm of Wachtell Lipton. "It adds up to a big number. So they started to change their minds."