Directors of Dow Jones & Co. this week accepted Rupert Murdoch's $5 billion, $60-per-share bid for the company and the jewel in the crown, the Wall Street Journal. The vote puts the deal in the hands of the three dozen voting members of the Bancroft family, who control 64 percent of the voting shares. The family is expected to vote July 23.

Meanwhile, the Journal reported on July 18 that ad revenue for newspapers fell 4.8 percent in the first quarter year-over-year as a major industry slump continues to worsen. The industry is now going through full-scale consolidation and reorganization in the face of competition from Internet properties.

The trend begs the question: Is Murdoch overpaying for Dow Jones?

Harvard Business School professor Bharat N. Anand, who teaches in the School's Strategy unit, has done extensive research in the media and entertainment fields. In this podcast, Anand examines not only the proposed Dow Jones deal but also the state of the newspaper industry in general.

To listen to this interview with professor Bharat N. Anand, click on the triangular play button below.