Sarah Ellison of The Wall Street Journal is reporting that Ron Burkle’s investment firm Yucaipa Companies LLC and another investor have joined up with the union representing Dow Jones’s employees to help come up with alternatives to News Corp.’s bid for Dow Jones & Co.
Ellison wrote, “Yucaipa and Ownership Associates worked with union representatives to bid for Knight Ridder Inc., which was eventually sold to McClatchy Co. The group also bid for the Philadelphia Inquirer, but lost out to a group of Philadelphia businesspeople led by Brain Tierney.
“Mr. Burkle most recently made a run at Tribune Co. in partnership with real estate investor Eli Broad, but the two lost out to Chicago real estate mogul Sam Zell.”
Read more here. Meanwhile, Reuters is reporting that the union has also approached Warren Buffett, but has yet to receive a response.
