While money was certainly a factor, in the end, it was editorial control that seemed to keep Dow Jones & Company, Inc. (DJ) controlling shareholders – the Bancroft family, from cashing in on Rupert Murdoch and News Corporation’s (NWS) plentiful offer for the Wall Street Journal.  From the Washington Post Murdoch acknowledged the family's concerns:

“Given the Bancrofts's long and distinguished history as custodians of Dow Jones, we appreciate how difficult this decision was for some family members," Murdoch said in a statement released at 2:30 a.m. today. ‘I want to offer the Bancrofts my thanks and an assurance that our company and my family will be equally strong custodians.’”

Four-months have passed since Murdoch first sallied forth and threw out his offer of $60 per share to the Bancrofts. It was rejected out of hand initially despite a nearly 100% premium over the existing share price of Dow Jones & Company, Inc. (DJ)

The Bancrofts trace their ownership of The Wall Street Journal’s publisher to 1902 and several members of the family opposed Murdoch’s bid,

“fearing the tabloid king would wreck the integrity of the Journal and use it to further his business and political interests.”

In the end, the combination of a huge premium combined with an editorial plan that distanced Murdoch from editorial decision won the day and the deal.

At News Corp, the Journal will operate under the oversight of an editorial board. The initial members of the editorial board will include Louis Boccardi, former head of the Associated Press and a director of the Gannett Co.; columnist Thomas Bray; former Republican House member Jennifer Dunn; former Tribune Co. president Jack Fuller; and Nicholas Negroponte, founder of MIT's Media Lab. The board will be self-perpetuating, appointing new members when existing ones drop off. The board and Murdoch agreed to both have a say in the hiring and firing of two of the paper's top editors.

Will the Wall Street Journal be stronger in the News Corp family?

“Dow Jones chief executive Richard Zannino, who received Murdoch's bid for the company during an April breakfast meeting, said: ‘The transaction will deliver significant returns to our shareholders. It will also build on our recent, industry-leading earnings growth and make our company and journalism even stronger as our strengths are leveraged across News Corp.'s powerful global distribution and marketing platforms for the benefit of our readers and other customers.’

Apparently, not everyone felt as Zannino. One independent director, Dieter von Holtzbrinck, resigned in protest of the board’s decision to take News Corp.’s money.