NEW YORK - Media baron Rupert Murdoch cleared another hurdle on his way to owning The Wall Street Journal late Tuesday when the board of Dow Jones & Co., the Journal's parent company, said it would sign off on a sale to Murdoch's News Corp. for $5 billion.
Dow Jones said in a statement that its board was prepared to recommend a proposal for News Corp. to acquire Dow Jones for $60 in cash, the price Murdoch has proposed.
However the deal has yet to overcome its largest obstacle - approval by the mercurial Bancroft family, Dow Jones' controlling shareholders. The family initially rebuffed Murdoch's offer in early May, only to reconsider later.
The family has …
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