Late Monday, Wall Street Journal reported that Rupert Murdoch's News Corp has reached a tentative deal to buy Dow Jones, the owner of the Wall Street Journal for 5 billion dollars.

According to media reports Murdoch met with Dow Jones chief executive Richard Zannino for lunch at the New York headquarters of Murdoch's News Corp. and they then told their respective subordinates that the deal was on track.

But the deal still must be approved by the Bancroft family which controls 64 per cent of Dow Jones voting stock.

Several members of the family are known to oppose the deal for fear that Murdoch would dilute the paper's reputation. But other members of the family are known to support the 60-dollar-a-share deal which represents a 67 per cent premium over the share price when the offer was made.

Michael Elefante, the Bancroft family's lead trustee, has scheduled a meeting for Thursday to present the agreement to the family, and is expected to give it several days to make a decision

In addition to the Wall Street Journal and its international and online editions, Dow Jones publishes Barron's and SmartMoney magazines and other periodicals, DowJones Newswires, Dow Jones Indexes, Factiva news database and the Ottaway group of community newspapers.

Previously the British publisher Pearson has tried to make an offer for Dow Jones, together with General Electric, but the negotiations were abandoned.

In May, Rupert Murdoch, the media mogul, offered $5 billion for Wall Street Journal and in June the media reports said 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,"

Although Murdoch said he has no plan to raise the bid for Dow Jones, analysts are speculating that the media mogul might have to raise his offer in order to close the deal.