The Bancroft family is scheduled to meet on Wednesday to discuss News Corp’s $5bn takeover bid for Dow Jones, the media group they control, according to people familiar with the matter.

The meeting, three weeks after the Bancrofts rejected a $60-per-share cash bid from News Corp and its chairman and chief executive, Rupert Murdoch, suggests that family members are still weighing a possible sale against their long-time allegiance to the company and its flagship, The Wall Street Journal newspaper.