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Dow Jones: Companies
built 176 days ago
"Without this deal, Dow Jones has some real problems," he added. "Advertising has been pretty terrible. Murdoch is going to invest in this company; he's going to make it bigger and better."
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NEW YORK () — Dow Jones & Company, Inc. (NYSE: DJ) announced today that its stockholders voted at a special meeting to approve the previously announced merger agreement with News Corporation. The stockholder vote satisfies the final condition for the completion of the transaction. The merger is expected to close and become effective at approximately the close of business on Dec. 13, 2007.
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The Dow Jones directors met with supermarket magnate Ron Burkle and MySpace founder Brad Greenspan on July 10, both of whom had separately expressed an interest in the newspaper company. The meetings, an effort to mollify the Bancroft family, were a last-ditch effort by the Bancrofts to find other bidders.
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Talks between News Corp. and Dow Jones has taken another big step forward with news that the two companies have reached a tentative agreement over editorial control. Explains the NY Times, “That clears the way for negotiation of price and other remaining issues. But some people close to the talks cautioned that certain details on editorial independence remained to be settled, and said they were even reluctant to call it an agreement yet.” And all this would still have to be approved by the Bancroft family. The WSJ story today breaks down how a deal might come together.
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Dow Jones reported that shares representing approximately 60.3% of the outstanding voting power of the Company were cast in favor of the merger. Approximately 77.6% of the outstanding shares of common stock and approximately 54.1% of the outstanding shares of Class B common stock were voted in favor of the transaction. Of the shares that were voted, approximately 94.7% of the common stock and 77.7% of the Class B common stock were voted in favor of the merger.
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After being the company's most lucrative business for a century, the Journal began to lose strength during the late 1980s, and electronic publishing became Dow Jones's primary growth sector. The Journal's circulation fell from its 1983 high of 2.11 million to 1.95 million in 1989, a decrease of 7.5 percent. In March 1989 advertising revenues were down for the 19th straight month. For the first quarter of 1989, operating income of business publications fell 33 percent, and profits were down 13 percent in its community newspaper chain. The company had been through difficult times before, but the volatility of the world political and financial scene was changing the financial journalism business. The marketplace was placing increasing emphasis on user-friendly, computerized, fast news delivery.
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