Categories: OLD Media Moves

Pearson and GE decide against Dow Jones bid

General Electric Co., the parent of business news cable channel CNBC, said Thursday that it would not pursue a bid for Dow Jones & Co., the parent of The Wall Street Journal, with Pearson Plc, the parent of The Financial Times, according to a story on the Journal’s web site.

In a statement, GE and Pearson did say thatÂ they would explore collaborative efforts between CNBC and The Financial Times. CNBC currently has a contract with Dow Jones for content through 2012, but if News Corp. ends up acquiring The Journal, it may want that content for its as-yet-unlaunched business news cable channel.

Kathryn Kranhold, Dennis Berman and Sarah Ellison wrote, “People familiar with the talks say Dow Jones board’s move to take control of the talks with News Corp.’s Rupert Murdoch may have taken some momentum out of GE and Pearson’s plan, giving off the impression that Dow Jones was simply seeking the highest price.

“It was unclear what price GE and Pearson were looking to propose; people familiar with the situation say they were looking to have a deal valuing Dow Jones at or above Mr. Murdoch’s $60-a-share offer.

“Since News Corp.’s pursuit of Dow Jones became public on May 1, industry watchers have expected GE to bid on Dow Jones.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.