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GE, Pearson Bail on Bid for Dow Jones

CNBC, Financial Times parent companies back away, clearing path for Murdoch

By M. Morris,  Newser Staff

Posted Jun 21, 2007 1:32 PM CDT
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(Newser) – General Electric and Pearson may yet work out an arrangement that takes advantage of their business-media assets, but their plans don't involve Dow Jones. The companies said today they won't pursue a deal with the Wall Street Journal publisher, brightening the outlook for News Corp.'s $5 billion offer, Pearson's Financial Times reports.

Pearson's CEO informed her employees that talks about melding GE's CNBC, the FT, and Dow Jones' stable of assets had ended, saying the company "didn’t see that combination stacking up." The Dow Jones board's decision to take over negotiations with Rupert Murdoch may have been a factor, but one analyst attributes the course change to "simple logistics," Bloomberg reports.

General Electric light bulbs on display at a supermarket in Denver in this April 13, 2006 file photo. General Electric Co. on Friday, April 13, 2007 reported first-quarter earnings of $4.5 billion, up 2 percent from the same period in 2006. (AP Photo/Ed Andrieski, file)
General Electric light bulbs on display at a supermarket in Denver in this April 13, 2006 file photo. General Electric Co. on Friday, April 13, 2007 reported first-quarter earnings of $4.5 billion, up...   (Associated Press)
Jeffrey Immelt, Chairman and CEO of GE, speaks at the company's healthcare summit on Tuesday, May 15, 2007 in New York. (AP Photo/Mark Lennihan)
Jeffrey Immelt, Chairman and CEO of GE, speaks at the company's healthcare summit on Tuesday, May 15, 2007 in New York. (AP Photo/Mark Lennihan)   (Associated Press)
Co., publisher of the Wall Street Journal. (AP Photo/Mark Lennihan)
Co., publisher of the Wall Street Journal. (AP Photo/Mark Lennihan)   (Associated Press)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)   (Associated Press)
Pedestrians walk outside the News Corporation's corporate headquarters, in this May 1, 2007 file photo in New York. Rupert Murdoch's media conglomerate News Corp. reported a 6.2 percent profit increase for its latest quarter Wednesday, May 8, 2007, on higher earnings from movies including Night at the Museum and...
Pedestrians walk outside the News Corporation's corporate headquarters, in this May 1, 2007 file photo in New York. Rupert Murdoch's media conglomerate News Corp. reported a 6.2 percent profit increase...   (Associated Press)
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Dow Jones board's move scares off potential buyers
Wall Street Journal

More on the trouble with a three-way arrangement
Bloomberg

More on the maneuvering that leaves Murdoch standing alone
New York Times

 
Rupert Murdoch • Wall Street Journal • Dow Jones • General Electric • Pearson • Financial Times • CNBC • News Corp

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