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In its quarterly filing, Warren Buffett revealed he purchased 2.8 million shares of Dow Jones & Co. through Berkshire Hathaway (BRK-A) before the deal was completed by Rupert Murdoch. The filing didn't reveal how much Berkshire paid for the shares when news that Murdoch made his $60-per-share offer became public knowledge. It would have been bought sometime from April to June.

Berkshire holds 2.78 million shares of Dow Jones stock, which at the end of June was worth about $159.8 million. It's probably a move for the short-term, unless Buffett believes News Corp. (NWS-A) is undervalued and has some long-term prospects for growth. Something that wouldn't surprise me if he did. Others think it's undervalued at this time.