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Updated from 4:51 p.m. EDT
Rupert Murdoch sought to make Dow Jones (DJ Quote) a buyout offer it can't refuse, but he has an uphill battle in his bid to become the godfather of the U.S. media industry.
Dow Jones said late Tuesday that the Bancroft family, the controlling shareholders, has told the publisher's board that members of the family will vote shares constituting slightly more than 50% of the company's voting power against the $5 billion acquisition offer from Murdoch's media empire, News Corp.(NWS Quote).
Dow Jones said its board would factor this information into its evaluation of the offer. ...
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