Rubort Murdoch shells out $5 billion
In the New York Times and U.S.A. Today I found a article on the Rupert Murdoch's purchase of Dow Jones. Murdoch will have control of business properties such as the Wall Street Journal, WSJ.com, Barron's, MarketWatch.com and SmartMoney. Murdoch already has control of FOX News.
Dow Jones was founded in 1882 to provide information on stocks and bond trades and it has been owned by the Bancroft family for 105 years. The selling of the company wasnt received happly by all of the Bancroft family members. Leslie Hill, who is a member of the family, resigned from her Dow Jones board position after the company was sold to Murdoch.
The Bancroft family and others are afraid that Murdoch will use the Dow Jones purchase for advancing his business and political interests. The Bancroft family stayed very private with there business dealings and have let the Wall Street Journal run itself independently over the years. As a result the paper has become one of the most prominent and trusted source for news.
Sources still dont understand how Murdoch was able to seal the deal and why the family decided to sell.