WSJ confirms News Corp.’s acquisition of Dow Jones

The Wall Street Journal confirmed tonight Rupert Murdoch’s News Corp. has reached a tentative agreement for the purchase of Dow Jones & Co. for $5 billion. The deal will be put before the full Dow Jones Board for approval at its Tuesday evening meeting.

The one remaining hurdle will be the Bancroft family’s approval as the largest single shareholder. With the momentum this sale has gained, that consent is going to come one way or the other.

As I blogged before, this acquisition should expand the opportunities for user generated content and community engagement under the WSJ brand. All good news for blogging lawyers.

Update: Tuesday evening, Dow Jones’s board voted to approve News Corp.’s $5 billion bid for the company. The offer now goes to the Bancrofts for a final vote.