Not yet, but News Corp's surprise bid will test the resolve and cohesion of the Bancroft family, which holds voting control:

While the Bancrofts have the power to block any deal, thanks to supervoting "B" shares that carry 10 times the voting power of "A" shares, the family also is now far-flung and comprises at least 35 members. More than two-thirds of the Class A shares changed hands yesterday, likely putting many in the hands of merger arbitrageurs who typically push for a deal.

This story is still developing, but early reports suggest that the Bancroft's are opposed to selling to News Corp. (but not to someone else?). The market for Dow Jones' shares spiked, suggesting that many investors are looking forward to the possibility of an auction.

If Dow Jones decided to sell, who else might be interested? One name that was mentioned in the W$J and some other early reports: Google.

Google?

UPDATE: The Bancroft family has issued a statement that they would vote against the proposal by News Corp.

UPDATE2: Apparently, some News Corp. shareholders are concerned that 76-year-old Rupert Murdoch is just trying to provide a capstone to his career, rather than pursuing the long-term financial interests of News Corp. That sounds like a reasonable concern to me.

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