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Australian media mogul Rupert Murdoch has reached an agreement to purchase Dow Jones and Company, the parent company of The Wall Street Journal, for $5 billion.

Bancroft Family Members Holding Approximately 37% of Dow Jones' Voting Power Agree to Support the Transaction.

Dow Jones & Company (NYSE: DJ) reported on July 20 earnings of 25 cents per diluted share for the second quarter of 2007, compared with 34 cents per diluted share for the second quarter of 2006. Excluding special items, the Company earned 45 cents per diluted share for the second quarter of 2007, up 15.4% from the 39 cents per diluted share earned in the second quarter of 2006.

Dow Jones & Company (NYSE: DJ) announced that the Board of Directors of Dow Jones has determined that it would be prepared to approve, and recommend to the Dow Jones stockholders, including the Bancroft Family stockholders, a merger agreement reflecting News Corporation’s proposal to acquire all of the outstanding shares of Dow Jones’ common stock and Class B common stock for $60 per share in cash.

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General Electric Co. announced this Thursday that it has abandoned talks with Financial Times publisher Pearson PLC about a possible bid for Dow Jones & Co., removing a potential rival to a $5 billion offer from Rupert Murdoch's News Corp.

Dow Jones reports that owner Bankcroft family has agreed to meet with News Corporation discuss the proposal that Rupert Murdoch of News Corp had recently offered to buy Dow Jones Company.

News Corporation today confirmed that it has made a friendly offer to Dow Jones & Company to acquire all of the outstanding shares of the company for $60 per share in cash, or in a combination of cash and News Corporation stock.