NEW YORK(AFP)- Media tycoon Rupert Murdoch has won control of Dow Jones Co. and The Wall Street Journal newspaper in a $5 billion takeover,the US company confirmed .The coup of Murdoch come after talk between News Corp.,Dow Jones and divided Bancroft family who have controled Dow Jones and its falgship business daily for over a century. Under the deal approved by both boards of directors and "certain memebers of Bancroft Family"a fivememeber committeewill be charged with"assuring the continued journalistic and editortial integrity and independence of Dow Jones'' publications and sevices"the companies said in a statement posted on the Dow Jones website. Some Bancroft family members echoing the concerns that the takeover would undermine the newspaper''s editorial independence. Murdoch,76,has built a vast media empire over the decades and is planning to expand his interest further on oct.15 with the luch of a News Corp.business news cable television cahannel,Fox business Network,in the United States. The Journal said Murdoch has stated Monday that he may add four pages of extra news coverage to the journal. News Corp. will need to get US regulatory approval for the deal,but Murdoch has said he does not anticpate any problem.The Journal said the deal could be closed by the end of the year. Murdoch''s triumph came after several months of tough negotiations.The Bacroft family initially has rejected News Corp.''s offer and several Journal Journalists had strongly opposed the deal. Some Bancroft family memebers were fearful that Murdoch would destroy the Journal''s editorial independence,but he conceded to establishing the editorial oversight board in a bid to appease such opposition. Dow Jones reporters and a unionreperesenting its reporters also said that murdoch would use the Journal to promote his wider commercial interests if he succeeded in taking over the prestigious business paper.
The Dow Jones board has already approved the takeover,but several Bacroft family members has vied to resist the deal. The Journal reported on Tuesday,however,that a key Bancroft family trust had suddenly decided to throw its weight behind News Corp.''s offer,ensuring Murdoch enough controlling votes to take over Dow Jones. Prior to the trust''s move ,Murdoch had reportedly gained the support of Bancroft Family memebers Controlling 32 percent of the firm''s special voting power. The Family Control a majority 64 percent of special Dow Jones voting rights and weild thier power througgh a complex web trusts. Other shareholders had reportedly put pressure on the Bancroft clan to sell outto Murdoch. News Corp.''s $5 billion hostile takeover bid is worth $60 per Dow jones share and the deal marked a hefty 65 percent premium over Dow Jones share price prior to the takeover offer being made public. Dow Jones Shares closed $57.38 in market trading on Tuesday. Murdoch clinching of the deal also came after few other suitors emerged with a counter offer. Internet entrepreneur Brad Greenspan,the foundetworking website Myspace,renewed a alrenative offer late Monday backed by five investors who were ready to inject $600 milliion to develop Dow Jones. Dow Jones''s assests also include Barron''s magazine,MarketWatch,DowJonesNewswires,the Dow Jones Indexes and the Ottaway group of newspapers.