Rupert Murdoch's News Corp. has made an unsolicited $5 billion offer to buy Dow Jones & Co., which publishes the Wall Street Journal. Dow Jones publicized the mogul's suit today to an immediate 58% spike in value. Murdoch owns the New York Post and TV giant Fox News.
News Corp. also runs papers in Britain and Australia, and recently bought out the social-networking website MySpace. The Journal itself predicts a possible bidding war on the heels of the offer, with the New York Times and the Washington Post potentially wooing the company as well. Dow Jones' controlling Bancroft family has dismissed earlier offers, but says it's "evaluating" Murdoch's proposal.