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NWS-DJ Monday Developments: News Corp. Nears Dow Jones Editorial Pact; Bancrofts Still The Wildcard

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WSJ has a blow-by-blow of the intense negotiations going on between Dow Jones and News Corp, in trying to nail down editorial protections for the deal. While a deal may happen as soon as Tuesday, the biggest concern on both sides was whether the Bancroft family would support the compromise. This settlement means it would allow the two sides to start talking about the actual deal: the buyout.

The two sides have settled on a single board that would nominate its own replacements, but it wasn’t clear how many of its members would be independent or how large the board would be. Murdoch asked that none of the members have any connection to either News Corp. or to the Bancrofts or Dow Jones, the story says. Dow Jones appeared willing to accept that but wanted the members to choose their successors.