Murdoch May Have Dow Jones

Rupert Murdoch has succeeded in his bid to take over Dow Jones, according to a report in a British financial magazine. The Wall Street Journal publisher is denying the report, although The Business cites inside sources who say the $5 billion deal will be formally announced next week.

The buy would include a legally enforceable agreement of the Journal's editorial independence, a major sticking point for the majority-owning Bancroft family: According to the report, a five-member panel would have veto power over Murdoch's hiring and firing of top editorial staff. A spokesman for Dow Jones says only the independence scheme has been finalized.