Stakeholders reject Murdoch's Dow Jones bid
The family that owns a controlling stake in the publishers of the Wall Street Journal has rejected an unsolicited bid for the company by Rupert Murdoch's News Corporation.
Publishers and financial news wire service Dow Jones issued a statement saying that a majority of the Bancroft family was rejecting the offer.
Mr Murdoch's News Corporation has offered $60 a share for Dow Jones, which values the company at $6 billion.
Mr Murdoch said he was prepared to be patient. "It's a generous offer," he said.
Media analysts say News Corporation is looking to launch a 24-hour business news channel later this year.
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