Murdoch Poised to Seal Dow Jones Deal

Updated from 1:01 p.m. EDT

Shares of Dow Jones (DJ Quote) surged 12% Tuesday as Rupert Murdoch appeared to be closing in on his quest to own the Wall Street Journal publisher.

The deal has garnered enough support from Dow Jones' controlling shareholders, the Bancroft family, to clinch the agreement, the Journal reported Tuesday. Cable-news channel CNBC reported that the $5 billion sale to Murdoch's News Corp. (NWS Quote) is a "done deal," with a definitive agreement likely to come by Tuesday evening.

Shares of Dow Jones recently were climbing $5.94 to $57.50. News Corp. has offered $60 a share for the company, a bid that represented a 67% premium over its stock price when the bid became public in early May. ...