International media magnate Rupert Murdoch has sealed a deal to buy Wall Street Journal publisher Dow Jones & Co. for US$5bn (€3.7bn), ending a century of family ownership and adding a new crown jewel to his global media empire, News Corp.

Billionaire investor Ron Burkle is working with a union representing workers at Dow Jones & Co to explore alternatives to Rupert Murdoch's $5bn (€3.69bn) bid for the company, which publishes The Wall Street Journal.

Wall Street managed a moderate advance today as a spate of takeover deals gave investors enough confidence to buy into the market despite a report showing that US manufacturing is more sluggish than expected.