The Wall Street Journal is reporting that News Corp, owned by Australian news media magnate Rupert Murdoch, has reached a tentative deal to buy the Journal's parent company, Dow Jones, for $5 billion.
The Journal, on its website, says the deal will be put before the Dow Jones board of directors later Tuesday for approval.
But the deal will still face opposition from the Dow Jones' biggest shareholder, the Bancroft family, which owns 64 percent of the firm's voting stock. Members of that family have said they oppose the sale because they are concerned about preserving the Journal's editorial independence.
The Bancroft family's lead trustee has scheduled a meeting with family members Thursday to present the terms of the deal. They are then expected to have several days to decide on their response.
The Journal says Christopher Bancroft, a Dow Jones director and member of the shareholding family, has been soliciting offers from other firms to buy enough shares of Dow Jones to block a sale to News Corp.
Five billion dollars is the original bid News Corp presented to Dow Jones in mid-April. Dow Jones tried unsuccessfully to push for a higher price.
Some information for this report was provided by AFP, AP and Reuters.