Dow Jones & Co said today its board will take over talks related to a $5 billion takeover offer from Rupert Murdoch's News Corp.
The decision follows several weeks of discussions within Dow Jones' controlling Bancroft family that have failed to bridge a rift over whether to accept Mr Murdoch's offer.
Bancroft representatives presented proposals to the board last night for addressing key concerns about the bid, including ways of preserving editorial independence, a spokesman for the family said.
Dow Jones, publisher of the The Wall Street Journal, said its board would evaluate all proposals for the company as well as the possibility of remaining independent.
Separately, Internet investor Brad Greenspan said he had offered to buy a 25-per cent stake in Dow Jones at $60 per share - the same price being offered by Mr Murdoch - in what he described as a partial buyout, for a total of $1.25 billion.
Members of the Bancroft family, which controls 64 per cent of Dow Jones' voting shares, met Mr Murdoch earlier this month to discuss his unsolicited offer for the company.
The family has said it would entertain other proposals as well, but no rival bids for the whole company have emerged.