The coup for Murdoch's News Corp. after three months of intense negotiations is expected to lead to a dramatic shakeup of the US media landscape.

The acquisition comes after tough talks between News Corp., Dow Jones and the divided Bancroft family who have controlled Dow Jones and its flagship business daily for over a century.

The deal was approved by both boards of directors and members of the Bancroft family and trustees representing 37 percent of the company's shareholder vote, the companies said in a statement posted on the Dow Jones website.

In a concession by Murdoch, a five-member committee will be charged with "assuring the continued journalistic and editorial integrity and independence of Dow Jones' publications and services," the companies said.

Some Bancroft family members, echoing the worries of journalists at the paper, had voiced concerns the takeover would undermine the newspaper's editorial independence.

The final decision in which some family members backed the deal came only "after much soul-searching, hard work and analysis," the Bancrofts said in a statement.

"It is our most fervent hope that in the years to come, The Wall Street Journal will continue to enjoy, and deserve, the universal admiration and respect in which it is held all over the world," the family said.

And it added that it hoped the Journal and Dow Jones would remain committed "to the long tradition of journalistic excellence, independence and editorial integrity of which we are all so proud."

Murdoch expressed gratitude to the Bancroft family members who supported his offer and recognized "how difficult this decision was for some family members."

He added: "I want to offer the Bancrofts my thanks, and an assurance that our company and my family will be equally strong custodians."

Murdoch, 76, has built a vast media empire over the decades and is planning to expand his interests further on October 15 with the launch of a News Corp. business news cable television channel, Fox Business Network, in the United States.

The Journal said Murdoch had stated Monday that he may add four pages of extra news coverage to the Journal.

News Corp. will still need to get US regulatory approval for the deal, but Murdoch has said he does not anticipate any problem. The Journal said the deal could be closed by the end of the year.

Murdoch's triumph came after several months of tough negotiations. The Bancroft family initially had rejected News Corp.'s offer and several Journal journalists had strongly opposed the deal.

Some Bancroft family members were fearful that Murdoch would destroy the Journal's editorial independence, but he conceded to establishing the editorial oversight board in a bid to appease such opposition.