MEETING WITH MURDOCH

CNN ANCHOR: One of the most talked about stories on Wall Street has the potential to change the way the world gets its news. David Murdoch is meeting with the family that owns the controlling stake in Dow Jones. Murdoch is 1 getting control on the company which features the Wall Street Journal as its crowned jewel but whether the family wants to sell, well that's another matter. Well Maggie Lake is in New York with more on this page turning drama. Maggie.

MAGGIE LAKE: Indeed Owen and this news 2 is being called "part business meeting, part social gathering". It's a chance for Rupert Murdoch to turn on the charm for what could be one of the most important sales pitches of his career. Talks should be held in the mid town Manhattan law offices of Wachtell Lipton Rosen and Cats in the so called black rock building where CBS headquarters are located. Attending the talks are Bancroft family's legal advisers and Ruperth Murdoch's news court team. Three Bancroft family members are also reportedly in attendance as well as the chairman of Dow Jones, Peter Mcfearson, there are a lot of people who would love to be 3 on the wall at this meeting, the Bancroft's are extremely worried about what Murdoch will do with the Wall Street Journal if he owned it, giving his reputation as the king of tabloids. Murdoch is reportedly willing to establish an editorial over side board for the paper, but he has also said he will not allow the Bancroft family to have editorial control. Last week he told the Wall Street Journal quote "I can't 4 five billion dollars of my share holders' money and not be able to run the business." Now the odds of this meeting even taking place would have seemed "unheard of" just a couple of weeks ago. The Bancroft's have been portrayed as being dead set against a sale of Dow Jones to anyone. They've controlled the firm for over a century and have turned down a number of other suitors, but last week that changed in a flash. The Bancroft's said they were open to discussing a Dow Jones sale or partnership with the firm that could include Murdoch's news corp., so why the abrupt about face? Analyst say one factor was the merger deal between Reuters and Thompson financial, the announcement of that, this mega deal was announced after Murdoch's bid was made public and will change the competitive landscape for Dow Jones, also Dow Jones' largest outside share holder has urged a sale and the Bancroft's trustee also had urged them to think about negotiations. One other big question hovering over these talks, price, it is expected that Murdoch would have to offer a last minute good-will hike in his five billion dollars sixty dollar share offer. Dow Jones sharers are giving back some of their recent gains, but 5 they are still trading above sixty dollars this year, so investors are really anticipating that. Seeing that no other firm has come forward to say that it is interested in Dow Jones, Wall Street appears to believe there will be some kind of formal embrace between these two sides soon, we'll see. Owen.

CNN ANCHOR: Maggie, won't we just love to be in that meeting? Thank you very much.

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