The board of Dow Jones, the owner of The Wall Street Journal, agreed last night to recommend a $5 billion (£2.4 billion) offer from News Corporation to its investors.

Dow Jones executives were not unanimous in their support of the media group's offer, whose chairman and chief executive is Rupert Murdoch.

It is understood that Christopher Bancroft, who represents 15 per cent of Dow Jones shareholder votes through family trusts, voted against the offer and left the board meeting early.

It is also understood that two others on the 16-strong board abstained.

The ball is now in the court of the Bancroft family, whose series of trusts control 64 per cent of Dow Jones voting shares.

News Corporation, parent company of The Times and Times Online, needs at least 51 per cent for the deal to go ahead.

The Bancroft family had planned to meet tomorrow evening, but it is thought that they have postponed the meeting until Monday in Boston, further delaying a final decision on the bid.

News Corporation said in a statement that it was "grateful" for the Dow Jones recommendation.

Dow Jones also said in its statement that News Corporation's board would ratify the deal if enough members of the Bancroft family "indicate promptly" their support.

In April, News Corporation offered $60 a share in cash for Dow Jones, valuing the company at about $5 billion.

That price valued Dow Jones at a 67 per cent premium to the share price before the offer became public.

After News Corporation'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 Corporation on their behalf.

In a statement last night, Michael Elefante, a representative of the Bancroft family and a director of the Dow Jones board of directors, said that members of the Bancroft family were "evaluating the transaction with News Corporation".

A spokesman for the Bancroft family did not immediately return calls seeking comment.

The History of The Times: The Murdoch Years

Explore Industry Sectors

• Banking & Finance

• Construction & Property

• Consumer Goods

• Engineering

• Health

• Industrials

• Leisure

• Media

• Natural Resources

• Retailing

• Support Services

• Technology

• Telecoms

• Transport

• Utilities

Times Recommends

• B&B shareholders forced into funding rescue
• John Lewis department store sales plunge 8.3%
• Families turn to credit to cover mortgage bills