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The family that owns a controlling stake in the Dow Jones media group has said that it is wiling to consider selling the company to the News Corporation.

The Bancroft family, which controls 64 per cent of Dow Jones' voting rights, were previously reported to be against making a takeover deal with the company behind Rupert Murdoch's vast media empire.

Reports had suggested that both the Bancrofts and journalists employed by the Wall Street Journal, which is published by Dow Jones, were opposed to such a sale on the grounds that it could undermine the editorial independence valued by the company.

News Corp announced on May 1st that it had made a "friendly offer" of $60 (£30) per share for New York-based Dow Jones.

It said it was prepared to offer either cash, or a combination of cash and News Corp stock, under the offer – which represented a bid of $5 billion (£2.5 billion).

Dow Jones revealed yesterday that a representative of the Bancroft family had contacted its board of directors to indicate their willingness to consider a tie-up with News Corp.

"After a detailed review of the business of Dow Jones and the evolving competitive environment in which it operates, the family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organisation, which may include News Corporation," said a statement issued by the Bancrofts, who had not previously made their thoughts known publicly.

The family, which said that it intended to meet with News Corp representatives including Mr Murdoch, added that they wanted to determine whether a deal could be made with the company that would "ensure the level of commitment to editorial independence, integrity and journalistic freedom that is the hallmark of Dow Jones".

However the Bancrofts, who indicated that they were also open to receiving other offers for Dow Jones, stressed that there was no assurance that the discussions would lead to a deal being agreed.

A spokesman for News Corp said the company was glad the Bancrofts had approved a meeting and looked forward to discussing matters with them in the near future.