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Union Seeks Journal Savior

Burkle agrees to talks with Dow Jones employees

By M. Morris,  Newser Staff

Posted Jun 5, 2007 4:48 PM CDT

(Newser) – The Wall Street Journal employees' union, in search of a white knight as Dow Jones and Rupert Murdoch appear to be moving closer to a deal, has enlisted the help of supermarket billionaire Ron Burkle. News Corp. has offered $60 a share for the company, and one analyst tells Bloomberg, "I'm skeptical Burkle and the union can compete with Murdoch."

The Independent Association of Publishers' Employees said today it also approached Warren Buffett but refused to identify other potential buyers. Burkle was foiled in two attempts to acquire newspapers last year. His firm lost out when McClatchy sold the Philadelphia Inquirer and Daily News, and the Tribune Co. rebuffed a bid from Burkle and Eli Broad.

 Co. on Monday, meeting with key members of the Bancroft family in person to offer assurances that The Wall Street Journal would continue its long tradition of excellence under his stewardship. (AP Photo/David Karp)
Co. on Monday, meeting with key members of the Bancroft family in person to offer assurances that The Wall Street Journal would continue its long tradition of excellence under his stewardship. (AP Photo/David...   (Associated Press)
 Co., publisher of The Wall Street Journal, said Tuesday it received an unsolicited bid from Rupert Murdoch's News Corp. to buy the company for $5 billion. (AP Photo/Mark Lennihan)
Co., publisher of The Wall Street Journal, said Tuesday it received an unsolicited bid from Rupert Murdoch's News Corp. to buy the company for $5 billion. (AP Photo/Mark Lennihan)   (Associated Press)
Supermarket magnate Ron Burkle, left, and billionaire businessman Eli Broad, are seen in this combination of file photos. As a March 31, 2007 deadline nears, Burkle and Broad have increased their bid to buy the Chicago-based Tribune Co., making it a bit sweeter than a recent bid by billionaire real...
Supermarket magnate Ron Burkle, left, and billionaire businessman Eli Broad, are seen in this combination of file photos. As a March 31, 2007 deadline nears, Burkle and Broad have increased their bid...   (Associated Press)
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