Media baron Rupert Murdoch came a step closer to adding the prestigious The Wall Street Journal to his empire with the board of Dow Jones and Company, owners of the publication, voting to approve his News Corp's unsolicited $5 billion bid.
The backing of the 16-member board on Tuesday sends the offer to the Bancroft family, which controls the majority voting shares of the company, for a final vote.
The family, says The Wall Street Journal, is set to meet Monday. The board's endorsement puts some pressure on the Bancrofts to back a sale, but doesn't obligate family members -- who have been divided over the bid -- to do so.
Heading into the meeting, Dow Jones and advisers to the family saw family approval as too close to call, the Journal said quoting people familiar with the situation.
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