News Corporation, the parent company of The Times, was last night close to sealing a deal with the board of Dow Jones to recommend its $5 billion (£2.4 billion) takeover offer.

Dow Jones board members, headed by Richard Zannino, the chief executive, were scheduled to meet to discuss the offer last night.

The board’s agreement would be a major step towards Rupert Murdoch, News Corp’s chairman and chief executive, taking control of the media group behind the The Wall Street Journal.

Any decision, however, would still need the approval of the Bancroft family, who speak for 64 per cent of Dow Jones votes but hold just a quarter of the shares.

The Bancroft family is due to meet to discuss Mr Murdoch’s offer tomorrow night.

It is understood that negotiators from News Corp and Dow Jones reached a tentative agreement on Monday about the offer, which was first tabled in April. This valued Dow Jones at $60 a share, a 67 per cent premium to its price before the offer became public.

It is thought that during the Monday meeting, News Corp resisted attempts by a special committee of the Dow Jones board to persuade it to raise its offer above $60 per share.

Mr Murdoch is instead thought to have suggested that Paul Steiger, former managing editor of The Wall Street Journal, take a seat on the board of News Corporation.

If the Dow Jones board formally recommends the offer from News Corp, it is expected that Michael Elefante, the leading trustee for the Bancroft family, will tomorrow lay out the terms of any agreement to the family members eligible to vote.

There are about 35 adult members of the Bancroft family with the right to vote on a change of ownership of the company. They have been split over whether to accept an offer from News Corp.

Some have been concerned about the editorial independence of The Wall Street Journal should News Corp take control of its owner. Others had also hoped to be able to extract a higher price.

Last month Mr Murdoch offered to create an autonomous editorial board, reflecting a similar structure at The Times, in which the editor of the title “shall not be appointed or dismissed without the approval of the majority of the independent directors”.

Christopher Bancroft, who represents about a sixth of Dow Jones voting shares, has sought to stymie the success of a News Corp offer by talking to cash-rich hedge funds and private equity groups to boost his stake in the company and veto any deal.

After News Corp’s approach in April, the Bancroft family opposed the offer but later agreed to reconsider.

It is thought that the Dow Jones board became frustrated with delays arising from meetings between opposing factions of the Bancroft family.

As a result, the family allowed the board to lead bid negotiations with News Corp on their behalf.

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