The board of Dow Jones & Company, which publishes The Wall Street Journal, is taking over negotiations with Rupert Murdoch's News Corporation over the media conglomerate's unsought $5 billion bid to buy the company.

The company's announcement states that “the best way to continue to evaluate the News Corporation proposal to acquire the Company would be for the Board of Directors to take the lead in addressing all aspects of the proposal and all other strategic alternatives, including remaining independent.” The statement added that the board of directors, including representatives of the Bancroft family, which owns shares representing a majority of the company's voting power, will continue to discuss the proposal with News Corp., as well as explore other alternatives to News Corp.'s offer.