voa economic report - Murdoch's News Corp to Buy Dow Jones

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is the VOA Special English Economics Report.

One the top stories in business news this week was - - business news. Dow Jones agreed to be bought by Corporation. This means the publisher of the Wall Street will be owned by the media company controlled by Murdoch.

The two companies announced Wednesday that they signed a merger agreement. The deal is valued at over five and a half billion dollars.

For the century, the controlling shareholder in Dow Jones and Company been the Bancroft family. The announcement said family members about thirty-seven percent of Dow Jones' voting stock have to support the deal. That would represent a majority the sixty-four percent share owned by the family.

The ends four months of negotiations that deeply divided the . Reports say family members agreed to the deal after promise of at least thirty million dollars to pay lawyers and financial advisors.

Rupert Murdoch's offer to Dow Jones became public in May. His offer of dollars a share was sixty-seven percent above the market at the time of the offer.

The deal seen as a major prize for the Australian-born Murdoch, became an American citizen in nineteen eighty-five-. He has a media business currently valued at seventy billion dollars. company owns more than one hundred newspapers in Australia, and the United States.

It also owns Fox , including Fox News Channel, "American Idol" and "The Simpsons." new Fox Business Channel is set for launch in . Other holdings include the Twentieth Century Fox movie company the social-networking site MySpace.

Shareholders in News Corporation and Jones are expected to vote on the deal later year. Government approval is also needed.

Financial news an increasingly competitive industry. Rupert Murdoch is expected to heavily in Dow Jones and the Wall Street Journal. observers are debating what effects his ownership might have one of the world's most respected newspapers.

Some News Corporation might try to limit reporting on its activities. Others note Rupert Murdoch's conservative politics and wonder influence that might have. A five-member committee has been to protect the newsgathering independence of the Journal and Dow Jones publications.

And that's the VOA Special English Report, written by Mario Ritter. I'm Steve Ember.

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