deadline Monday to tell the family's lead trustee how they would vote on Murdoch's offer.
Negotiations apparently continued over other matters in an attempt to convince holdout Bancroft votes to sign on to the deal. The Journal reported Tuesday that Dow Jones's board had agreed to set aside funds to pay the Bancroft family's advisory fees, which could total at least $30 million.
Representatives of News Corp. and Dow Jones declined to comment on the continuing negotiations on Tuesday.
Over the past few weeks investors have been steadily pushing Dow Jones shares below the $60 price that Murdoch has offered, reflecting increasing doubts about the deal going through.
The Bancroft family has been deeply divided over whether to sell to Murdoch, largely over concerns that his management style could affect the papers' coverage.
Murdoch says any concerns about corporate meddling in the Journal's news coverage are unwarranted. News Corp. has agreed to create a committee that would have to sign off on any decision to hire or fire top editors at the paper.
In a lengthy letter to fellow family members last week, Bancroft descendant Crawford Hill urged them to vote for a sale, saying the family hadn't taken an active enough role in overseeing Dow Jones and was now "paying the price for our passivity over the past 25 years."
Dow Jones' board has tentatively approved the deal, and the final decision now rests with the Bancrofts. Besides several Bancroft family members, including Dow Jones director Christopher Bancroft, Murdoch's bid is also being opposed by former board member Jim Ottaway Jr., whose family controls 7 percent of the shareholder vote.