News Corp. Reaches Tentative Deal To Buy Dow Jones

NEW YORK (AP) -- Media mogul Rupert Murdoch has long wanted to buy the Wall Street Journal and it appears he's getting closer to that goal.

The Journal reports a tentative agreement for Murdoch's News Corporation to buy the publisher, Dow Jones and Company, for five (b) billion dollars.

The Dow Jones board will consider the sale today.

The controlling shareholders, the Bancroft family, also must approve it. The Bancrofts are divided on whether to sell because of concerns over whether the Journal will be able to maintain its editorial independence.

Murdoch has said he would invest in the Journal's online and overseas operations, and tap its resources to help build a business-themed cable news channel

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