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Murdoch's Bid for Wall Street Journal Rejected

Media tycoon Rupert Murdoch's bid for the company that publishes the Wall Street Journal is facing opposition from the company's controlling shareholders.

The Bancroft family has rejected Murdoch's initial $5 billion offer for the Dow Jones Company. However, some family members revealed an interest in selling, which could spur a larger offer from Murdoch or from competing groups.

The Wall Street Journal is a well-respected business publication that has the second-largest circulation of all U.S. newspapers.

The journal would give credibility to a new business news channel that Murdoch's company, News Corp, plans to put on cable television later this year.

News Corp's bid is worth about 65 percent more than Dow Jones' recent market share. Many U.S. newspapers are losing readers and advertisers to online news sources.

The most recent study shows U.S. newspaper circulation falling more than two percent over the past six months.

Some information for this report was provided by AP.