As predicted below (damn I'm good ;) ), the Bancroft family is getting close to selling the Journal to Rupert Murdoch. There's plenty of coverage around the net, and especially in the Journal itself, but here's a free New York Times link.
It's playing out just as predicted: the Bancrofts are getting their "independent" editorial oversight board, and Rupert is getting what he wants, which is Dow Jones. Of course, you know he'll start to exercise as much editorial control as possible as soon as the check clears.
Update: The two sides reportedly reach agreement.
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