Murdoch Close on Journal Deal

Rupert Murdoch appears close to a deal that could pave the way for his takeover of Dow Jones' Wall Street Journal—a coup that seemed out of the question weeks ago, the New York Times reports. The deal is designed to safeguard the newspaper's editorial independence from Murdoch, who has a reputation for sensationalism.

According to terms of the tentative deal, similar to one established at the Times of London, five directors approved by Murdoch's News Corp. and the controlling Bancroft family would be charged with protecting editorial integrity and would oversee certain newsroom hiring. The Bancrofts had initially demanded oversight of editorial budgets, which Murdoch rejected. (More Rupert Murdoch stories.)