NBC and Microsoft looked at bidding for Dow Jones?

And you thought only children wanted to do stuff because everyone else was doing it! According to the New York Times, NBC and Microsoft (NASDAQ: MSFT) considered making a run at Dow Jones (NYSE: DJ) together shortly after Rupert Murdoch made his initial offer for the company. Microsoft and NBC formed CNBC together, so I guess maybe it wouldn't have been such a stretch, but it still seems strange. Why would a company explore making a huge $5 billion bid for a company without great cash flow just because someone else was doing it?

The idea of a "White Knight" showing up to rescue Dow Jones (and the Bancrofts) from having to make a decision on Murdoch's bid seems unlikely. The huge premium that Murdoch offered shows how above market his offer is, and I just can't see anyone else stepping in to top it, or even approach it.

Part of the problem is that Murdoch's bid was strategic, rather than based on valuation. He wants the company to go along with the financial news network News Corp (NYSE: NWS) is launching, meaning that the company is probably more valuable to him than it is to anyone else.

I'm sure that rumors about other bidders will continue to pop up in the news but in the end, I think Dow Jones will either remain on its own or be sold to Murdoch, with an overwhelmingly good chance that Murdoch takes home his prize.