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News Corp Takeover of Dow Jones Clears FTC Hurdle
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The Federal Trade Commission has given antitrust clearance to the $5 billion acquisition of Wall Street Journal publisher Dow Jones & Co. by News Corp., according to both companies.
The Associated Press reported that the companies said the FTC granted an early end to the 30-day waiting period required by antitrust law, which is designed to give regulators time to review deals for competitive concerns.
Some of News Corp.’s holdings include the New York Post, MySpace, the Fox Broadcasting Co. and Fox News Channel. News Corp. also owns the Twentieth Century Fox Film Corp., satellite broadcasting operations in Europe and Asia, newspapers in the United Kingdom and Australia, as well as book publishers and magazines.
In addition to the WSJ, Dow Jones publishes Barron’s, Dow Jones Newswires, MarketWatch.com and the Dow Jones stock market indicators.
Pending shareholder approval, the AP reported, News Corp. and Dow Jones expect the deal to close in Q4.
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