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Murdoch's News Corp. OKs Bid for Dow Jones

Following overnight negotiations, the board of Rupert Murdoch's News Corp. met Tuesday afternoon and approved Murdoch's bid to purchase Dow Jones & Co., which owns The Wall Street Journal. The deal is valued at $5 billion.

Members of the Bancroft family, which has had a controlling interest in the company for a century, hold the key to the merger.

The Dow Jones board meets Tuesday evening.

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David Folkenflik was described by Geraldo Rivera of Fox News as "a really weak-kneed, backstabbing, sweaty-palmed reporter." Others have been kinder. The Columbia Journalism Review, for example, once gave him a "laurel" for reporting that immediately led the U.S. military to institute safety measures for journalists in Baghdad.