The Dow Jones board, which consists of 16 members, voted late yesterday to sell the business, which includes The Wall Street Journal, to News Corp after the group submitted an unsolicited bid in May which valued the business in the region of $60 a share.
Although voting was not unanimous by Dow Jones shareholders, a "strong majority" voted in favour of the News Corp offer, which if accepted will represent a 67% takeover premium.
According to reports, board members Leslie Hill and Dieter von Holtzbrinck abstained from voting and Christopher Bancroft, who is believed to strongly oppose any sale, left yesterday's meeting before it ended.
The Bancroft family, which controls 64% of Dow Jones voting shares, must now decide whether to accept the News Corp bid. The family will meet News Corp representatives to discuss the final terms, and the deal could be sealed if sufficient shares held by the Bancroft family can be committed to support the transaction.
The voting split among the Bancrofts, which was yesterday described by Dow Jones chief executive Richard Zannino as "too close to call", is still a major potential stumbling block for Murdoch, who has pursued Dow Jones for the last three months.
Issues of securing Wall Street Journal's editorial independence and potential rival bids have split the family over whether to accept News Corps' offer. The Bancrofts originally dismissed the bid, but News Corps' hopes were rekindled after senior members of the Bancroft family were offered seats on the News Corp board.
Senior News Corp representatives are now due to meet the Bancroft family tomorrow to discuss the bid further, but a final decision may not be made until next week.
Union members at Dow Jones opposing the sale to News Corp are still understood to be active in attempting to find a rival bid for the company, with Californian billionaire Ron Burkle believed to be one of the latest parties interested in the business.
Steven Yount, president of the Independent Association of Publishers' Employees, which represents more than 2,000 Dow Jones workers, said: "There are a lot of rumours, but there won't be any deal until the Bancroft family signs an agreement, and as far as I know they are still looking for alternatives."
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