Print clout still a coveted commodity
Dow Jones and its flagship paper the Wall Street Journal were launched into the spotlight early this week when Rupert Murdoch's News Corp offered up an unsolicited $5 billion to purchase controlling shares, reports the Financial Times.
The Bancroft family, which control the majority of the company, received the $60-per-share cash bid two weeks ago. Authorities had to halt trading when news of the offer triggered a 57 percent leap in shares, bringing the stock up to $57.28. It presently hovers at $57.04.
Despite rather public rejection, rumors are circulating about Murdoch increasing his offer. Alternatively, the news might invite other media groups or private equity firms to come courting for one of the most influential newspapers in the world.
In the past Murdoch has made no secret of his interest in the Wall Street Journal. “This is the greatest newspaper in America – one of the greatest in the world,” he said on Fox News, a News Corp property. “But […]it needs to be part of a bigger organization to be taken further.”
