The Dow Jones board is still looking for an alternative bid to Rupert Murdoch’s, as it enters the final phase of negotiations with News Corporation.
A report in today’s
Financial Times says that the ad-hoc committee of Dow Jones directors is set to meet today with California billionaire Ron Burkle to discuss a possible purchase of the company.
Earlier this year, Burkle made a bid for Tribune, the owner of the Chicago Tribune and the Los Angeles Times, although he was thwarted in his attempt by Chicago real estate billionaire Sam Zell.
Last month News Corp and Dow Jones agreed proposals ensuring the editorial integrity of the Wall Street Journal should News Corp’s takeover be successful (see News Corp Could Announce WSJ Deal Today)
The Bancroft family, which controls Dow Jones with its ownership of 64% of the company’s voting shares, had been worried about Murdoch’s hands-on editorial approach, and so were particularly pleased when the integrity of the WSJ was guaranteed in the even of a sale to News Corp.
Talks are continuing between the two sides as they work out price and other deal terms, with News Corp also completing its due diligence.
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