New York – Billionaire investor Ron Burkle is working with a union representing workers at Dow Jones & Co. to explore alternatives to Rupert Murdoch’s $5 billion bid for the company, which publishes The Wall Street Journal.
The Independent Association of Publishers’ Employees said in a statement Tuesday it had reached out to Burkle, as well as billionaire investor Warren Buffett and others, in an attempt to find other potential buyers for Dow Jones. The union strongly opposes Murdoch’s bid, saying he might slant The Journal’s coverage to suit his business interests.
Burkle, who made a fortune investing in supermarket chains, recently lost out on a joint bid for Tribune Co. with fellow investor Eli Broad, and also worked with newspaper unions on failed bids for Knight Ridder Inc. and for former Knight Ridder papers the Philadelphia Inquirer and Philadelphia Daily News.
After initially rebuffing Murdoch’s offer in early May, Dow Jones’ controlling shareholders, the Bancroft family, held an initial meeting with Murdoch and several of his senior executives Monday to discuss his interest in Dow Jones. IAPE, which represents about a quarter of Dow Jones employees, said it hoped the Bancrofts would decide not to sell the company but that, if they did, they would consider alternatives to Murdoch.
Murdoch and a family representative said the talks Monday were “constructive,” but neither provided further detail, and it was unclear when any follow-up conversations might occur. The Bancroft family has said it is “resolute” in its commitment to protect The Journal’s independence and integrity.
The Journal ran a lengthy story on its front page Tuesday saying that Murdoch’s media properties have made coverage decisions that advanced the interests of his media conglomerate, News Corp.
