Family who controls Wall St. Journal mulls Murdoch bid

(AP Photo/Mark Lennihan, FILE)

Could the highly esteemed pages of The Wall Street Journal soon be controlled by the media mogul who operates the Fox News Channel, MySpace.com and Twentieth Century Fox?

Perhaps.

In a reversal, the Bancroft family that holds a controlling interest in Journal publisher Dow Jones & Co. said late today that they would entertain the $5 billion bid from Rupert Murdoch to buy the company, as well as other potential offers.

Family members previously said they would block a Murdoch bid to buy the company.

The union representing Journal employees and reporters in the paper's China bureau have expressed strong opposition to Murdoch's bid.

For the latest developments, read this AP story by business writer Seth Shutel.

--Paul Chavez