No plans to raise Dow Jones bid: Murdoch

Warsaw, June 27: Rupert Murdoch said he had no plans to raise his billion bid for media group Dow Jones&Co. Inc. and expected final approval from the controlling Bancroft family within two to three weeks, 'if at all.'

''Everything is done. We are just waiting for a final approval of the Bancroft family,'' Murdoch told sources during a visit to Warsaw on Wednesday.

''The final approval is in the next two, three week's time or not at all,'' he said.

Asked if his company, News Corp., planned to raise its bid, Murdoch said, ''No.'' Murdoch was in Poland to meet Prime Minister Jaroslaw Kaczynski and government officials ahead of the relaunch of a television station in which he has a significant stake.

Sources familiar with the matter told sources earlier this week that News Corp. cleared a major obstacle to the billion purchase of Dow Jones after the two companies agreed in principle on safeguards to the editorial independence of Dow Jones' news operations.

Murdoch, News Corp.'s chief executive, is building his own financial news channel for cable television, aiming to usurp General Electric Co.'s CNBC, which has a news partnership with Dow Jones.

The Bancroft family met Murdoch in early June and discussed a proposal to protect editorial independence and the talks accelerated last week.

Some three dozen Bancroft family members control Dow Jones through a combined ownership of 64 percent of voting shares.

Murdoch is offering to buy the company for per share, a 65 percent premium to Dow Jones' share price prior to the company's disclosure of the offer at the beginning of May.

REUTERS >