News Corp. said on Wednesday that it agrees to buy Dow Jones & Co. for $5.6 billion. This purchase would add The Wall Street Journal to News Corp. CEO Rupert Murdoch's media empire and end a century old family-run business that prospered as one of the top U.S. business news sources in the world.
The Wall Street Journal and other Dow Jones possessions will contribute to Murdoch's immersive media empire, which includes such properties as the Fox television, the MySpace online social network, and the American Idol singing talent show on Fox network, just to name a few.
Under the terms of the agreement, being approved by the boards of both companies, the Dow Jones shareholders will receive $60 in cash for each share of common stock or Class B common stock that they own, the companies said.
This is a big and important purchase in the media industry, especially to Rupert Murdoch. This purchase has enabled him to achieve his decades-long dream of running the highly respected financial daily.
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