Continuing Coverage of the Dow Jones Story
Supposedly another "unnamed" person of interest is looking at buying up Dow Jones & Co. Inc. (DJ). It seems that this mystery Internet entrepreneur and another Wall Street group have now been added to the growing list of suitors for the company.
Brian Tierney, CEO of Philadelphia Media Holdings has said he is willing to at least equal Rupert Murdoch's bid. His company owns the two largest daily newspapers in Philadelphia.
"We don't believe News Corp. is overpaying," Tierney said in an e-mailed statement. "This is one of the greatest journalistic enterprises ever created."
Knowing that the company will be sold, Dow Jones revealed in a regulatory filing that it had shored up the severance program for senior executives for the purpose of eliminating the concerns they may have whenever the sale goes through.
It will make the deal a little more expensive than before the Murdoch offer was made. The severance program was extended to 135 more managers, and set the minimum pay period of the severance to 12 weeks.
While the alleged, unnamed list of suitors seems to be growing, most analysts say that Murdoch is in the strongest position to lead the Dow Jones company. He has experience in taking it to the digital realm where the future will be, where he is already extending his existing News Corps. across a number of platforms.
Billionaire Ron Burkle has also shown interest, but it is felt that he would have to borrow his way to the company, which would put a lot of financial pressure on the deal, in a declining advertising medium.
When all is said and done, Dow Jones & Co. needs News Corp. (NWS-A) and Rupert Murdoch, much more than he needs them. If they get someone else that doesn't understand the business to own them, they'll find it out the hard way.
Now, if Zsa Zsa Gabor's husband says he wants to buy Dow Jones, I'll think something a little fishy is happening.
Related Coverage:
Brian Tierney Interested in Dow Jones
Union for Dow Jones Employees Claims Ron Burkle Joined Them to Battle Rupert Murdoch
Journalists Threaten to Walk Out if Murdoch Gets Dow Jones: Who Cares?
Why the Bancrofts Need to Sell Dow Jones & Company
Murdoch Family, Meet the Bancrofts!
Dow Jones & CO.'s Controlling Family to Meet with Rupert Murdoch
Sponsored link: The outsourcing every manager requires - Tampa Locksmith
» Another Dow Jones Suitor Bites the Dust from ManagersRealm
Continuing Coverage of the Dow Jones StorySaying the deal for Dow Jones & Company (DJ) doesn't make economic sense, Microsoft (MSFT) and NBC (GE) broke off talks to acquire the business news media company. Microsoft was the company initiating t... [Read More]
Tracked on: June 11, 2007 4:36 PM | Permalink to Trackback