Media Moves

Dow Jones makes last attempt to find other bidders

July 8, 2007

Posted by Chris Roush

Sarah Ellison of The Wall Street Journal reports for Monday’s paper that Dow Jones & Co. is making one last effort to find alternative bidders for the company, which has a $5 billion offer from News Corp.

Dow JonesEllison wrote, “The long-shot efforts by the publisher of The Wall Street Journal are designed in part to appease members of the Bancroft family, the company’s controlling shareholder, such as Leslie Hill, a Dow Jones director who has expressed frustration at the company’s unsuccessful effort to drum up alternatives to News Corp., according to these people, who have spoken with her.

“Dow Jones directors also hope that the last push could give the company a bit of negotiating leverage with News Corp., which has offered $5 billion for the company, a premium that has so far scared away other bidders. But News Corp. Chairman Rupert Murdoch has shown little interest in sweetening the offer as of yet.

“Tomorrow, a committee of Dow Jones’s board is expected to meet with supermarket magnate Ron Burkle, who has expressed interest in teaming with Dow Jones’s union to find alternatives to News Corp.’s $60-a-share offer, these people said. While Mr. Burkle so far hasn’t put any offer on the table, he requested a meeting with an ad hoc committee of the board that is reviewing offers for the company.”

Read more here.

Subscribe to TBN

Receive updates about new stories in the industry daily or weekly.

Subscribe to TBN

Receive updates about new stories in the industry.