Rupert Murdoch has renewed his vow to maintain the Wall Street Journal's editorial independence should his bid for Dow Jones succeed, but it's unlikely he'll allow the controlling Bancroft family to run an editorial oversight board. That sticking point could be a deal-breaker, the Journal reported hours before today's scheduled meeting between the parties.
"I can't put down $5 billion of my shareholders' money and not be able to run the business," said Murdoch, who will join his son James in meeting with three Bancroft family members. The board Murdoch created after buying the Times of London in 1981 has drawn fire for not reining him in; other arrangements and restrictions are under consideration. (Read more Rupert Murdoch stories.)