Dow Jones Shares Should Stand Tall

If that's the case, then News Corp. will still be there -- probably with deeper pockets than it has now.

If the Bancrofts want to keep The Journal away from barbarians in the long run, they may have to find a more palatable buyer, and it's unlikely that they'll be able to find one that is willing to bid head-to-head with Murdoch and his big bucks.

"Google (GOOG Quote) won't buy Dow Jones because they don't want to get into the content game," says Matthews. " Washington Post (WPO Quote) wouldn't pay that kind of premium."

While the Bancrofts' opposition holds out, the company's directors, facing fierce opposition from Wall Street, may feel compelled to accept the deal in the name of their fiduciary duties or else resign their post. Even if they tried to accept Murdoch's bid, the votes from the controlling shareholders will have the final say. And if any public shareholders are tempted to launch a lawsuit, all the lawyers in the world will have a hard time convincing a judge that they're not beholden to the lopsided corporate structure that they chose to buy into.