Rupert Murdoch has threatened to withdraw his offer for Dow Jones if enough Bancroft family members do not switch by 5 p.m.

It may be this is all theatre, with some Bancrofts playing the role often played by congressmen, who would prefer to vote against a bill unpopular in their districts but are willing to vote for it if that is necessary to get it passed. The fact Dow stock is back to $52 — after falling below $50 — indicates that some buyers are not convinced the fight is over.

But what if it is? Can Richard Zannino keep his job as chief executive after not exactly serving as a leader in the fight to keep Dow Jones independent? Can a board that was happy to sell continue to represent shareholders, many of whom will be furious that they did not get the money?

Watching Dow Jones after Mr. Murdoch walks away promises to be much more interesting that watching it ever was before he arrived.