Dow Jones & Co. (NYSE: DJ), and News Corp (NYSE: NWS), have agreed in principle on a set of protections aimed at protecting the editorial independence Dow Jones publications, the Wall Street Journal reported.
The agreement, reached Tuesday morning, must still be considered by the Bancroft family, who holds a controlling stake in the company, the Journal said citing people familiar with the situation. The move opens the way for the $5 billion sale of the company to News Corp., which unveiled its $60 per share offer for the company in May.
Both sides have not yet agreed on price and there are still some family members who are resisting the deal.
The Bancroftâ€™s lead trustee, Michael B. Elefante will be responsible for taking note of the familyâ€™s disposition to an agreement, said the people familiar with the matter.