Enter multiple symbols separated by commas

Dow Jones Board Member Moves to Block News Corp: WSJ

A Dow Jones board member who is also part of the family that controls the company has launched a last-ditch effort to block a takeover by Rupert Murdoch's News Corp., the Wall Street Journal reported on Sunday.

Christopher Bancroft has recently approached hedge funds, private equity firms and General Electric , hoping to buy enough voting shares of Dow Jones to give him the power to thwart a sale, the paper reported on its Web site, citing people familiar with the matter.

News Corp. , owner of Fox News, the New York Post and a sprawling media empire, has offered $5 billion, or $60 a share, for Dow Jones , the publisher of the Wall Street Journal.

Bancroft is trying to buy more "supervoting" shares from other Bancroft heirs who may be ready to sell their stakes but share his distaste for handing the family legacy to Murdoch, the Journal said.

Bancroft, his two siblings, his niece and their children are beneficiaries of trusts that control about one-third of the Bancrofts' stake in Dow Jones.

The Bancroft family controls 64% of the company's voting power. Bancroft is one of three family members on the Dow Jones board. He did not return a message seeking comment.

Bancroft's cousin Leslie Hill, another Dow Jones director, has also been exploring options for an alternative to Murdoch's offer, but the two relatives are not working together, the Journal said.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.