New York - News Corp.'s $5 billion takeover of Dow Jones & Co. is one step closer to fruition after Dow Jones' 16-member board voted in favor of the deal Tuesday night, The Wall Street Journal reported.

The deal next must gain approval from the Bancroft family, which holds a majority voting interest in Dow Jones and has been divided over the bid.

"News Corporation has not indicated a specific level of Bancroft Family support that would need to be obtained," Dow Jones said in a statement.

"If a satisfactory level is obtained promptly [the company's boards] will meet to review the definitive merger documents."

Dow Jones, the publisher of The Wall Street Journal and Barron's, would be a key addition for News Corp. Chairman and CEO Rupert Murdoch, who has long coveted The Wall Street Journal and is planning to launch the Fox Business Network, a direct competitor to CNBC, this October.

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