Stocks News
- Investors discuss partial purchase of Dow Jones stake
Date: 11-Jul-2007 Sources: (Xinhua Online)
BEIJING, July 11 (Xinhuanet)-- Dow Jones & Company board members met Tuesday with supermarket magnate Ron Burkle and Internet entrepreneur Brad Greenspan, who are interested in buying a piece of the company, to discuss ideas for a rival bid.
The two of wealthy investors did not make a specific offer, according to people familiar with the talks most of whom insisted on anonymity because they were not authorized to discuss the matter.
The two sides had reached a basic agreement over protecting editorial independence at the Journal and other news operations in the event they are controlled by News Corp., but were still discussing several issues including price.
Burkle had been exploring a structure for Dow Jones that would incorporate an employee stock ownership plan, sources previously said.
Greenspan had separately made an offer to buy a 25 percent stake in Dow Jones at 60 U.S. dollars per share in what he described as a partial buyout. Greenspan founded Intermix, home to the MySpace social network that was bought by News Corp. in 2005.
But Dow Jones is still pushing to find other potential buyers to appease some members of its controlling Bancroft family, which owns 64 percent of the company's voting shares.
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