A tentative deal over editorial independence at the Wall Street Journal would give Rupert Murdoch's News Corp. the sole power to hire and fire the newspaper's top editors if it succeeds in buying Dow Jones, the New York Times said on Thursday.
The report cited people who have been briefed on the agreement and said most members of Dow Jones' controlling Bancroft family have not been told what was in the agreement, which was "a far cry" from the family's recent demands.
Murdoch has bid $5 billion or $60 per share for Dow Jones, and he told Reuters on Wednesday final approval from the Bancrofts would come within two or three weeks, "or not at all."
None of the parties could immediately be reached for comment.
Dow Jones shares closed on Wednesday at $58.56, News Corp. at $21.38, both on the New York Stock Exchange.