Rupert Murdoch

Shares in the Dow Jones publishing group have risen sharply following a takeover bid by Rupert Murdoch's News Corporation. But the controlling shareholders of Dow Jones said they would vote against it. This report from Jeremy Cooke:

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After news of Rupert Murdoch's ambitious move, the company's share value rose rapidly, opening at 37 dollars and 12 cents and going up to 57 dollars and 28 cents before trading was halted by the New York Stock Exchange. Analysts say that News Corporation clearly believes it can merge Dow Jones with its own media operations - and significantly cut costs in the process.

Dow Jones has confirmed the offer has been made, and that the Bancroft family which has a controlling interest is actively considering the deal. But the company is also stressing that this does not necessarily mean it will agree to sell to Mr Murdoch. And it is expected that other interested parties may launch counter bids which could yet frustrate News Corporation's plans.

Jeremy Cooke, BBC News, New York

Listen to the words

a stable of titles
many publications (coming from the same source)

wire service
news agency/provider

takeover
when one company is bought out by another

ambitious move
an action that shows determination to achieve success

trading was halted
the buying and selling of shares was stopped

merge
unite, combine

cut costs
produce something more cheaply than before, e.g. by spending less on wages, materials etc.

a controlling interest
enough shares to make decisions about the company

considering the deal
thinking about accepting the takeover bid

frustrate
stop (the deal), make ineffective

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