Dow Jones’s board of directors on Wednesday night decided to take “no action” in the wake of Rupert Murdoch’s unsolicited $5bn bid for the company, which shook the global media industry this week.

Goldman Sachs, which is advising Dow Jones, gave the full board an update on the News Corp bid, worth $60 per share, which had already been rejected by the controlling Bancroft family. The board, which includes members of the Bancroft family, decided to take no action in light of the family’s decision, which effectively blocks a deal even if other shareholders support it.