News Corp.: Dow Jones Now A Subsidiary

This just in … a press release from News Corp. (NYSE: NWS) announcing the completion of the Dow Jones (NYSE: DJ) acquisition. Put another way: nine months after Rupert Murdoch asked former DJ CEO Rich Zannino for a meeting, Dow Jones is now a subsidiary. Technically, DJ is a subsidiary of Ruby Newco, a wholly owned subsidiary of News Corp. Shareholders who opt for stock instead of $60 per share in cash will get shares in Ruby Newco that later can be converted to Class A News Corp. shares.

Even without changing top execs and the other ripple effects already underway, the news-and-info powerhouse faces a culture shock. Not only does DJ gain Fox Business Network, MySpace, The Times of London and the New York Post as relatives, the clip playing on the News Corp. home page when I checked just now was the trailer for Alvin and the Chipmunks.

Our NYC reporter Joseph Weisenthal was on hand for the DJ shareholder vote earlier today.

You can track the entire chain of events through our WSJ-DJ archives.


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