New Dow Jones Bidder A Murdoch Rival
July 2, 2007 at 10:45 AM (PT)
In the continuing saga of RUPERT MURDOCH’s quest for DOW JONES & COMPANY, THE NEW YORK TIMES reports perhaps the strangest turn is the rival offer from BRAD GREENSPAN, a former chief executive of INTERMIX MEDIA, the onetime parent company of the social networking service MYSPACE.
GREENSPAN leads an investment group that is interested in DOW JONES. Although he won’t divulge his backers, he says is willing to spend $1.25 billion to buy 25% of DOW JONES for $60 a share.
The NEWS CORPORATION is offering the same price for all 85 million shares, but GREENSPAN believes his bid guarantees editorial independence for THE WALL STREET JOURNAL and presents potential opportunity for investors who hang onto their shares.
"There’s a lot of upside for the company, the shareholder and the stock based on rolling out and executing the online strategy that I’ve outlined," GREENSPAN said in an interview.