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.