New York - Rupert Murdoch's News Corp. has reached a tentative deal to acquired Wall Street Journal publisher Dow Jones for $5 billion, but must still gain approval from the Bancroft family, which owns 64% of Dow Jones voting power and has expressed reservations about the deal, the Wall Street Journal reported on Tuesday.

The Bancroft family's position is "too close to call," according to a person who spoke to Dow Jones CEO Richard F. Zannino, the Journal reported.

Dow Jones director Christopher Bancroft has reportedly been approaching hedge funds and private equity firms of late, in an attempt to purchase enough company shares to block the sale, while director Leslie Hill has attempted to get the company to meet with other prospective suitors, such as billionaire Ron Burkle.

A meeting of the Bancroft family has been scheduled for Thursday, and a final decision could come some time next week.

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