Murdoch's News Corp to Buy Dow Jones (2/2)

Rupert Murdoch's offer to buy Dow Jones became public in May. His offer of 60 dollars a share was 67% above the market price at the time of the offer.

The deal is seen as a major prize for the Australian-born Murdoch, who became an American citizen in 1985. He has built a media business currently valued at 70 billion dollars. His company owns more than 100 newspapers in Australia, Britain and the United States.

It also owns Fox television, including Fox News Channel, "American Idol" and "The Simpsons." A new Fox Business Channel is set for launch in October. Other holdings include the Twentieth Century Fox movie company and the social-networking site MySpace. Shareholders in News Corporation and Dow Jones are expected to vote on the deal later this year. Government approval is also needed.

Financial news is an increasingly competitive industry. Rupert Murdoch is expected to invest heavily in Dow Jones and the Wall Street Journal. Media observers are debating what effects his ownership might have on one of the world's most respected newspapers.