Rupert Murdoch's media conglomerate the News Corporation has bid $5 billion for Dow Jones, the parent company of the Wall Street Journal newspaper. There had been no announcement that Dow Jones was available for sale. Although the Dow Jones board of directors announced that 52% of the voting shares of the company were against the sale, Murdoch is not giving up. He announced that he would create an independent editorial board for the Wall St. Journal and would not send his own editors to run it. Discussing his attempts to communicate with Boston's Bancroft family, who own 62% of the shares, Murdoch said "I think the next step for us is to be patient—and to be available at any time should they respond to my suggestion for a meeting."