According to CNBC, News Corp (NYSE: NWS), Rupert Murdoch's holding company, has offered $60 a share for business publisher Dow Jones (NYSE: DJ). The deal would be a huge premium to the $36 where Dow Jones has traded recently.
News of the deal has also driven up shares in The New York Times Company (NYSE:NYT) and Reuters (NASD:RTRSY).
Murdoch is not guaranteed of getting anywhere with the bid. Dow Jones has two classes of shares and the founding Bancroft family controls the voting shares that will determine the company's fate.
But, the company has been a dog of a performer, down 30% over the last five years.
The Bancrofts will now have to decide if they want a windfall beyond their wildest dreams or to stay in a position to protect the editorial independence of The Wall Street Journal and their other properties.
Greed is a strange thing.
Douglas A. McIntyre is a partner at 24/7 Wall St.
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