The family that controls Dow Jones said today it would consider a bid from media mogul Rupert Murdoch to buy the company and other potential offers.
The Bancroft family said it would meet Mr Murdoch to discuss his bid for Dow Jones, publisher of the Wall Street Journal, which became public in early May.
Family members previously indicated they intended to block Mr Murdoch's bid.
The Bancrofts said the family "remains resolute in its commitment to preserve and protect the editorial independence and integrity of the Wall Street Journal" but had also concluded that "the mission of Dow Jones may be better accomplished in combination or collaboration with another organisation, which may include News Corporation".
Despite the Journal'sclout in the business world, Dow Jones remains a relatively small company compared with large media operations such as Mr Murdoch's News Corp, whose Twentieth Century Fox, Fox News Channel and MySpace span the globe.
The €3.7 billion offer that Mr Murdoch made for Dow Jones could easily be paid out of News Corp's cash stockpile.
The media mogul has said he would invest in the newspaper and ensure its editorial independence, something the Bancroft family as well as employees of Dow Jones say is paramount.
However, the union representing Journalemployees has been steadfastly opposed to Mr Murdoch's overture, saying he would probably damage the paper's quality and compromise its independence.
Jim Ottaway, a former board member who controls 5 per cent of the company's voting power, said he was also opposed to Mr Murdoch's bid.
Like several other newspaper publishers including the New York Timesand the Washington Post, Dow Jones is a public company but remains controlled by a family through a special class of shares with powerful voting rights.
AP