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(Update) Breaking News: Rupert Murdoch and Dow Jones Agree On WSJ Editorial Structure

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News Corp. and Dow Jones have agreed on a plan to protect the editorial independence of the Wall Street Journal, Reuters is reporting. The Bancroft family, which controls 64% of Dow Jones shares, is currently being briefed on the agreement and has yet to approve.
The Financial Times reported last night that a Dow-Murdoch deal was close at hand after contentious bargaining by both sides yesterday and over the weekend.
The content of the agreement has not been released, but will likely fall somewhere between Murdoch’s arrangement with the Times of London and the initial proposal from Dow Jones that sought to create an autonomous, Bancroft-appointed board to hire the Journal’s publisher, executive editors and wire chiefs.
If this agreement is accepted by the Bancrofts, the talks will likely move to pricing. Currently, Murdoch is offering $60 per share ($5bn) with conflicting reports as to his willingness to increase the offer. If NewsCorp. and the Bancrofts can agree, it is likely that a deal will not be announced until at least next week.
Dow Jones, News Corp. Agree on Editorial Structure: Reuters [Reuters via CNBC]
Murdoch makes progress on WSJ [Financial Times]