Bancrofts Agree to Support News Corp. Bid

NEW YORK, August 1: News Corporation has succeeded in its
$5.6-billion takeover bid for Dow Jones & Company, with the Bancroft
family, holding 37 percent of the publisher’s voting stock, agreeing to the
buyout following the board’s approval last month.

As part of the merger, the parties have agreed on the terms
of an editorial agreement that provides for the establishment of a five-member
special committee with the objective of assuring the continued journalistic and
editorial integrity and independence of Dow Jones' publications and services.
The initial members of the special committee will be Louis Boccardi, Thomas
Bray, Jennifer Dunn, Jack Fuller and Nicholas Negroponte. Furthermore, upon
closing of the merger, News Corporation will appoint a member of the Bancroft
family or another mutually acceptable person to the News Corporation board of
directors.

Rupert
Murdoch, News Corp.’s chairman and CEO, stated: "I am deeply gratified
at the level of support we have received from the Bancroft family and its
trustees. Given the Bancrofts' long and distinguished history as custodians of
Dow Jones, we appreciate how difficult this decision was for some family
members. I want to offer the Bancrofts my thanks, and an assurance that our
company and my family will be equally strong custodians."

Murdoch continued: "Dow Jones is a vibrant company and
one of the world's greatest media franchises, with a portfolio of brands that
has no equal in financial information and business journalism. In combination
with News Corporation's assets, The Wall Street Journal and the other Dow Jones operations will be even more
formidable competitors as we profitably extend their invaluable information
across our print, broadcast and digital platforms around the world."

Richard F. Zannino, Dow Jones’ CEO, added: "News
Corporation's proposal reflects the vitality and uniqueness of Dow Jones and
its world-class journalism, brands, businesses and people. The transaction will
deliver significant returns to our shareholders. It will also build on our
recent, industry-leading earnings growth and make our company and journalism
even stronger as our strengths are leveraged across News Corporation's powerful
global distribution and marketing platforms for the benefit of our readers and
other customers.”

The merger is expected to close in the fourth quarter,
pending approval by Dow Jones stockholders, execution and delivery of the
editorial agreement, regulatory approvals and other customary closing
conditions.