Rupert Murdoch bids for Dow Jones Company
David Johnson May 1st, 2007
Shares of Dow Jones are surging (chart) on reports from CNBC that News Corp. made an unsolicited takeover bid for the company. The $5 billion offer ($60/share) would be a 65 percent premium to yesterday’s close.
UPDATE: Dow Jones confirmed that News Corp. has made a takeover offer, and it says it has hired advisors to help it consider whether or not to sell. From the press release: “The Board of Directors and members and trustees of the Bancroft family, who hold shares representing a majority of the Company’s voting power, are evaluating the proposal. There can be no assurance that this evaluation will lead to any transaction.”
ALSO: See a list of Dow Jones properties here. Beyond the WSJ, it also includes Marketwatch, Barron’s and Factiva.
UPDATE from the WSJ: “The mere possibility that Mr. Murdoch could get control of The Wall Street Journal is almost certain to spark a firestorm of controversy…. Disclosure of the Murdoch offer — and the company’s evaluation of it — is likely to bring other potential buyers into the picture.” More… (sub. req.)
5 Comments Add your own
1. Anonymous | May 1st, 2007 at 12:10 pm
God, just imagine the implications of America’s premiere source of business news being corrupted by the same sort of ideological zeal that has fueled Fox News. While the WSJ opinion pages aren’t taken seriously even now, at least the editorial department is clearly separated from the superb news department, perhaps by a planet or two.
2. Steve Safran | May 1st, 2007 at 12:28 pm
I’m looking forward to Homer Simpson’s market analysis: “The D’oh! Industrial Average…”
3. Cory | May 1st, 2007 at 1:15 pm
I’m curious of what they’d do with Marketwatch. Perhaps it would morph into the primary site for the Fox Business Channel?
4. Jeff Bailey | May 1st, 2007 at 1:21 pm
I was amused by the simple fact that CNBC broke the story rather than Fox News.
(Does CNBC still partner with WSJ? I don’t watch ‘em much lately.)
5. News Consumer | May 1st, 2007 at 5:43 pm
CNBC has a five year exclusive contract with the WSJ, but that doesn’t mean it can’t be broken.
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