Representatives for Dow Jones and News Corp. couldn't immediately be reached for comment.
News Corp. reportedly has a board meeting scheduled for 4 p.m. EDT, where the company will decide how to proceed. Though there appear to be enough votes to push the deal forward, the global media empire wants to receive a higher level of support from the Bancrofts in order to demonstrate to the public that it has the family's blessing. As an institution of American journalism, the Journal is widely viewed as a public trust with an important role to play in the democratic process.
On Monday, a News Corp. spokesman said the company would be "highly unlikely" to proceed with its bid with the family's level of support at the time, which was estimated to be around 28%.
Earlier Tuesday, the Bancrofts and Dow Jones were reportedly hammering out a pact for News Corp. to cover advisory fees for the families. These advisory fees would be at least $30 million, the Journal, reported. Such a payment would be aimed at appeasing some family members who are reportedly demanding a higher price for their super-voting shares.News Corp.'s rich premium for Dow Jones comes in the midst of a crisis for the newspaper industry as it grapples with the rise of the Internet and a sluggish advertising environment. Despite the generous offer, the deal met a chorus of opposition to a sale due to concerns about News Corp.'s editorial standards and integrity.