The board of Dow Jones, the owner of The Wall Street Journal has agreed to recommend an offer to sell the company to News Corporation for $5bn (£2.4bn).
The agreement brings to an end months of negotiations between the two companies.
The 16-strong Dow Jones board, though, was not unanimous in support of the News Corporation’s offer.
It is understood that Christopher Bancroft, who represents 15 per cent of Dow Jones shareholder votes, voted against the offer while two others abstained.
The deal now requires the approval of the Bancroft family, who control 64% of Dow Jones voting shares.
Dow Jones said in its statement that News Corporation’s board would sanction the deal if enough members of the Bancroft family indicated their support.