Dow Jones Board Won't Act On Murdoch Bid
May 3, 2007 at 8:12 AM (PT)
The board of DOW JONES AND CO. said late WEDNESDAY that it will take no action on NEWS CORP.'s unsolicited bid for the company.
The move -- or, more accurately, the lack of move -- comes after the controlling BANCROFT family initially rejected the $60/share offer from RUPERT MURDOCH's media empire. With WALL STREET generally receptive to MURDOCH's bid, speculation is arising that other companies, including the WASHINGTON POST CO., GANNETT, and BLOOMBERG might bid on DOW JONES, which owns the WALL STREET JOURNAL and BARRON'S as well as the WALL STREET JOURNAL RADIO NETWORK. MURDOCH's bid may be tied closely to FOX NEWS CHANNEL's plans to launch its own business news channel to compete with NBC UNIVERSAL's CNBC later this year.