Business briefs: Home prices drop

U.S. home prices fell for a fifth consecutive month in May, a housing index released Tuesday by Standard & Poor’s said. It was the index’s steepest drop in about 16 years. The results stack up as more evidence that the housing market is not recovering, at least for now. The five months of falling prices in the S&P index follow 13 months of slowing price growth.

RUPERT MURDOCH

The media mogul’s News Corp. (NWS) agreed Tuesday to buy Dow Jones & Co. (DJ) for $60 a share, gaining control of the Wall Street Journal and ending the Bancroft family’s 105 years of stewardship, according to The Wall Street Journal. The offer is 65 percent higher than Dow Jones’s stock price on April 30, the day before Murdoch’s proposal was announced.

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