The board of directors of Dow Jones, the US media group which owns Wall Street Journal, after an overnight meeting agreed to recommend a 5-billion-dollar takeover offer from Rupert Murdoch's News Corp.

The board said it is prepared to approve the $60-per-share bid by media mogul Rupert Murdoch's News Corp., if the deal wins approval.

"If a satisfactory level is obtained promptly, the board of directors of Dow Jones will, and News Corporation has stated that its board of directors will, meet to review the definitive merger documents," the statement said.

News Corp must score the backing of at least 51 per cent of voting stock for the deal to go ahead.

Still several members of the Bancroft family are known to oppose the deal for fear that Murdoch would dilute the paper's reputation.

Michael B. Elefante, a representative of the Bancroft family and a director of Dow Jones, informed the board that members of the family and trustees of trusts for their benefit were evaluating the proposed transaction. "There can, of course, be no assurance that a level of Bancroft family support satisfactory to News Corporation will be obtained," it added.

The deal is expected to be presented to the Bancrofts Thursday. Their decision is expected some time next week.

Last month, newspapers reported that Dow Jones & Co and News Corp have agreed on a set of editorial protections.

Murdoch had recently announced that he was looking for a final decision by around middle or end of July.

"Everything is done. We are just waiting for a final approval of the Bancroft family," Murdoch told Reuters last month. "The final approval is in the next two, three week's time or not at all,"