The Dow Jones board last night voted to sell the company to Rupert Murdoch’s News Corporation for $5 billion (£2.5 billion).
The deal is now awaiting the approval of the Bancroft family, which controls 64% of Dow Jones’ voting stock.
A report in the Wall Street Journal said that a ‘strong majority’ of the board backed the deal.
The Bancroft family is due to meet next week to make a decision on the deal, with some members of the family thought to oppose a sale to Murdoch.
Last week it was reported that Dow Jones had been looking at alternative bidders, with California billionaire Ron Burkle said to be interested (see Dow Jones Looks At Alternative Bids).
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