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Stuck between Murdoch and a hard place
Dow Jones is doing some frantic last-minute shopping for an alternative to Rupert Murdoch's $5 billion bid. Some members of the Dow Jones board are in Los Angeles today meeting with California billionaire Ron Burkle, who may be their last hope. Then again, The New York Times is reporting that the talks are probably not significant because supermarket king Burkle doesn't have an offer.
The meeting's apparently happening in part to appease Leslie Hill, a member of the Bancroft family which controls 64 percent of Dow Jones. A lot of folks don't want to see Murdoch gain control of the Wall Street Journal's parent company because they believe his News Corp promotes sensationalism and partisanship. On the other hand, there have been reports that if the Murdoch bid fails, there will be deep cuts in the Journal's newsroom staff due to declining ad sales.
Posted on July 9, 2007 4:48 AM PT | Permalink
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