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Newspaper Stocks Follow Dow Jones off the Cliff

Magazine article Editor & Publisher

Newspaper Stocks Follow Dow Jones off the Cliff

Article excerpt

Investors sold off Dow Jones & Co. stock Monday as reports surfaced that too few Bancroft family shares would vote for Rupert Murdoch's rich $60-a-share bid -- and for good measure, they hammered down prices in the rest of the newspaper sector, too.

After trading off as low as 8% during the day, Dow Jones (NYSE:DJ) closed at 4 p.m. EDT at $51.56, down $2.89, or 5.31%. The Wall Street Journal reported Monday that Bancroft family members were offering just 28% of the overall voting share in favor of the News Corp. deal. Later in the day, a News Corp. spokesman was quoted as saying it was "highly unlikely" Murdoch would pursue the deal with such soft support. News Corp. said it needs at least 30% of the stake from the Bancrofts to swing the deal.

The market bid up News Corp. (NYSE:NWS-A) 22 cents, or 1.05%, to $21.27.

McClatchy (NYSE:MNI) got hammered again by the Street, which sent its stock tumbling down $1. …

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