UPDATE 1-Bancroft Dow Jones decision seen next week-source

Source: Reuters

NEW YORK, July 24 (Reuters) - The family that controls Dow Jones & Co (DJ.N: Quote, Profile , Research) expects to decide by early next week if it wants to sell the company to Rupert Murdoch's News Corp (NWSa.N: Quote, Profile , Research) for $5 billion, a source familiar with the matter said on Tuesday.

The Bancroft family holds 64 percent of Dow Jones's voting shares and their adviser, Hemenway & Barnes lawyer Michael Elefante, is canvassing family members this week to see if they would approve the bid.

The process should be complete around the beginning of next week, the source said, who asked not to be named.

Christopher Bancroft, a Dow Jones board member who opposes Murdoch's proposed takeover of the company that publishes The Wall Street Journal, had told reporters on Monday that he expected a decision by the end of this week.



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