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July 25, 2008 12:17:25 PM CDT

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Dow Makes Last-Ditch Play for New Offer

Posted Jul 9, 07 6:50 AM CDT in US,  Business 

(Newser) – As Rupert Murdoch tries to finalize a deal to take control of Dow Jones, the company is making a last effort to find an alternate buyer, pushed by a holdout director, Leslie Hill, who's a member of the controlling Bancroft family. The Wall Street Journal reports that among those being wooed are supermarket billionaire Ron Burkle and MySpace co-founder Brad Greenspan.

Murdoch has offered $5 billion for Dow Jones, which some board members hope will rise in the face of a competitive offer. Meanwhile, News Corp. executives hit a snag in negotiations when they delved into details of Dow's contract with CNBC, the business news channel. Dow is committed to providing content for CNBC until 2012, but Murdoch wants to use the Journal to help brand a rival financial news cable channel.

Source Wall Street Journal

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Co., publisher of The Wall Street Journal, in conjunction with the union that represents Journal employees, the head of the union said Tuesday, June 5, 2007. (AP Photo/Keith Srakocic, file)   (Associated Press)
  (Associated Press)
Co. have accelerated and the two sides appear closer to reaching an agreement on protecting the editorial independence of The Wall Street Journal, according to news reports Monday, June 25, 2007. (AP...   (Associated Press)
Co. in early May, but last Thursday agreed to meet with him. (AP Photo/Jason DeCrow)   (Associated Press)
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Dow Jones  • Rupert Murdoch  • Wall Street Journal  • Bancroft family  • CNBC  • Ron Burkle  • Brad Greenspan


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