Monday, June 18, 2007

That's a shame

Rupert's got company in his bid for the WSJ/Dow Jones as the Bancroft family maintains its anybody-but-Murdoch stance: "GE and Pearson Discuss Joint Bid For Dow Jones."
As Dow Jones & Co.'s controlling Bancroft family continues to fret about selling to Rupert Murdoch, General Electric Co. and Financial Times publisher Pearson PLC are in talks about making a joint bid for Dow Jones that would allow the family to keep a minority interest.

The two companies have discussed a scenario in which GE's CNBC business channel, the FT and Dow Jones would be combined into a privately held joint venture, according to people familiar with the matter. The venture would be owned equally by GE and Pearson, with the Bancrofts holding a minority stake, these people said.

The GE-Pearson talks -- which these people cautioned are preliminary and could collapse -- signal that an alternative may be emerging to News Corp.'s $5 billion bid for Dow Jones, publisher of The Wall Street Journal.
They have good reason to stay away from the Faux News tycoon. Not that this new proposal is ideal, it continues a pattern of consolidation of media ownership in North America. But it's better than letting Murdoch get his hands on the Journal...