When there's uncertainty to a thesis, I'm not inclined to buy. That might seem obvious on the surface, but I know there are a lot of individual speculators out there who would disagree with me. Take a roll of the dice, they might say. Uncertainty can lead to huge gains, they might counter. Well, it depends on the situation, I suppose. In the case of Barnes & Noble, Inc. (BKS), I think I'll take my chances elsewhere.

At the time of this writing, shares of the bookseller were off by more than 4% in the afternoon session, coming in at $14.36. Volume wasn't yet above average, however.

Bookseller Barnes & Noble (BKS) is slated to take its turn in the earnings spotlight before the opening bell Tuesday, Aug. 24. It's not exactly business as usual for Barnes & Noble, though -- with a proxy battle waging between Chairman Leonard Riggio and activist investor Ron Burkle, there's going to be an unusually harsh media glare on the quarterly results.

Of course, it's not just the financial media who will be eager to get a glimpse at Barnes & Noble's performance. Investors will also be chomping at the bit ahead of the firm's annual meeting, because Burkle has proposed a slate of three nominees for the retailer's board, and Riggio's seat is among those up for reelection. As Reuters' Phil Wahba explained it on Friday, "the extent of the damage is likely to affect who shareholders vote for at next month's annual meeting."

"Last spring, CEO Leonard Riggio of Barnes & Noble (NYSE: BKS) purchased almost $50 million-worth of his company's stock between $27-29.50; today, it languishes on the remainder table at $17.56," says Mark Skousen.

In his income-oriented speciality service, High Income Alert, the advisor says, "Now, a billionaire has also taken a stake." Here's the advisor's update.

"Barnes & Noble is a worthy addition to our model portfolio. Trading well below the level that the CEO purchased shares, we consider the stock a bargain.

"Barnes & Noble owns the nation's largest chain of bookstores, with 800 stores in 50 states. It also owns one of the Web's most-visited Web sites, bn.com. Between its stores and Web site, Barnes and Noble sells more than 300 million books a year.

Can the soap opera around Dow Jones & Co. (NYSE: DJ) get any weirder?

The Wall Street Journal is reporting that board member Leslie Hill is pushing the media company to find someone -- anyone really --- to buy her family's media company besides Rupert Murdoch's News Corp. (NYSE: NWS). So far the only potential buyers that have surfaced are supermarket mogul Ron Burkle and MySpace co-founder Brad Greenspan and neither has proposed an offer to top Murdoch's $60 a share bid.

Burkle is supposedly meeting with a special committee of the board today to press his case, which involves some sort of employee stock ownership plan which is how real estate tycoon Sam Zell is funding his acquisition of Tribune Co. (NYSE: TRB). The supermarket magnet, who also tried to buy Tribune, has the backing of Dow Jones' main union, which has argued that a sale to Murdoch would be a calamity.

The Greenspan offer for part of the company is a non-starter. The Journal is reporting that he wants to buy half of New York-based Dow Jones. It remains unclear which half Greenspan would buy and how this would benefit the company other than to keep it out of the hands of Murdoch.

This whole process, including the discussion about creating a committee to protect the Journal's editorial independence, underscores how desperate the Bancrofts are to protect their family's reputation. Though their concerns about Murdoch are justified, I find their sanctimoniousness hard to swallow.

Ever since Murdoch made his unsolicited bid for Dow Jones, the Bancrofts have shown more passion for their family business than they have in years. Pity it's too little too late.

There is little doubt that the days of the Bancrofts controlling Dow Jones are coming to an end. All that's left for the family to do now is to swallow its pride and cash Murdoch's $5 billion check.

Boo freakin' hoo.

MAJOR PAPERS:

• The Wall Street Journal (subscription required) reported that Sprint Nextel Corporation (NYSE: S) is disconnecting about 1,000 customers who have been calling customer service "excessively."
• According to the Wall Street Journal, Apollo Management has raised its offer for Huntsman Corporation (NYSE: HUN) to $28 a share, valuing Huntsman at $6.5B.
• The Financial Times (subscription required) reported that Moody's Corporation (NYSE: MCO), the credit rating agency, will issue a report today criticizing the private equity industry's increasing use of debt to buy companies.
• The Financial Times reported that Dow Jones and Company's (NYSE: DJ) board is reportedly making a final attempt to find a rival bidder for the company to compete with News Corporation (NYSE: NWS), contacting billionaire Ron Burkle.

• Virgin Media Inc's (NASDAQ: VMED) bankers have contacted ComCast Corp (NASDAQ: CMCSA) and DirecTV Group Inc (NYSE: DTV) to help "kick-start' an auction for the company, reported The Mail on Sunday.
• The New York Post reported, citing sources, that theme park operator Cedar Fair Entertainment (NYSE: FUN) has contacted private equity firms about the possibility of acquiring the company.

Dow Jones & Company's (NYSE: DJ) Wall Street Journal (a.k.a., The Towel) occupies a unique spot in the media firmament. As I pointed out earlier in the year, it changed its format and now looks to me like a Holiday Inn bath towel. Towel Talk offers a perspective on its news and views.

The New York Times [registration required] reports that Towel employees view the options for their new management as a choice between "slash" and "trash." By slash, they refer to the cost cutting of General Electric Co. (NYSE: GE) -- which may make participate in a bid for The Towel; whereas trash is their moniker for tabloid tyrant Rupert Murdoch.

Meanwhile there have been two interesting developments. Yesterday, The Towel's board decided it was time to grab decision-making power from the Bancroft family -- concluding that they were taking too long to make up their minds. And Brad Greenspan, the former head of MySpace parent, Intermix Media, is making a tender offer for 25% of The Towel at $60 a share -- the same price that Murdoch, who bought MySpace over Greenspan's objections, has offered.

Yahoo Inc. (NASDAQ; YHOO), which today replaced Terry Semel as chief executive with co-founder Jerry Yang, may be dragged into the battle royale for Dow Jones & Co. (NYSE: DJ).

Billionaire Ron Burkle, who the unions have enlisted to save them from the evil clutches of News Corp (NYSE:NWS) Chief Executive Rupert Murdoch, is trying to convinced the Internet giant to join him in a bid for the owner of the Wall Street Journal, according to Fortune.

Why the unions think the Burkle is a such a good guy is a little baffling. The supermarket mogul won't get many Christmas cards from shareholders since, as a member of Yahoo's compensation committee, he helped Semel get his outrageous $70 million pay package.

Yahoo should tell Burkle to take a hike. The company's whole strategy has been based on the fact that it DOESN'T NEED TO OWN CONTENT. Executives have made this point to me in person. They've made this point to other journalists. They've made this point to Wall Street analysts. Most importantly, though, Yahoo has made this point to content providers who are nervous about the small amount of original content that the company does produce.

Joining the bidding war for Dow Jones makes no sense for Yahoo. The company has plenty of problems of its own, including how to diplomatically shove Semel out of the door. The theory is that he can do less damage as chairman, until he's given the chance to make a graceful exit, while Jerry Yang gets his feet wet as chief executive.

Susan Decker, who gained kudos on Wall Street during her tenure as CFO, would have made a better choice. She has become president and it wouldn't surprise me if she eventually left the company as well.

Yang has a tough road ahead to convince both Internet users and investors enamored of Google Inc. (NASDAQ: GOOG) that Yahoo still is relevant.

First, it was Rupert Murdoch who offered $60 a shares for Dow Jones (NYSE: DJ), a premium of almost 80%. He has been rebuffed by the company's founding family, but they have finally agreed to a series of meetings with him to determine if The Wall Street Journal can keep its editorial independence.

Next came LA billionaire Ron Burkle. He made an unsuccessful attempt to buy the LA Times. Press reports are now circulating that he will join with labor unions at the publisher to make a bid.

And, yesterday Brian Tierney, who lead the successful effort to take Philadelphia's two dailies private, said he was interested in a possible offer.

What may be telling is that no other media company has made a bid for Dow Jones, although there is certainly a case to be made that it would fit well at McGraw-Hill (NYSE: MHP), which owns BusinessWeek, or Pearson (NYSE: PSO), which owns The Financial Times and part of The Economist.

It may be that media firms are worried that a company that only has about $125 million in operating income can't justify a price of $5 billion.

On paper, the media companies are right. The deal does not pay for itself.

Douglas A. McIntyre is a partner at 24/7 Wall St.

Press reports indicate that Los Angeles billionaire Ron Burkle may join with Dow Jones (NYSE: DJ) worker unions to make a bid for the company. The Independent Association of Publishers' Employees are talking with Burkle about supporting the move. The union represents over 2,000 of Dow Jones's 7,500 staff.

If Burkle could put together a package of $5 billion, the company's founding Bancroft family might prefer it to Rupert Murdoch's bid, especially if it had the support of Dow Jones employees and management. Both the Bancrofts and editorial personnel at The Wall Street Journal are concerned that Murdoch might meddle with the editorial independence of the nation's largest financial publication.

What is odd about the bidding process is that no other major media company has stepped forward with a bid. It may be that talking on a purchase price of $5 billion for a company that has low operating margins is more than other firms can take on. As the controlling shareholder of News Corp (NYSE: NWS), Murdoch can make his decision without immediate concerns that his shareholders might be upset.

Douglas A. McIntyre is a partner at 24/7 Wall St.

The Towel's union members are not happy about Rupert Murdoch's $5 billion bid for their employer. Neither are some shareholders, such as James Ottaway. The AP reports that the Independent Association of Publishers' Employees has reached out to supermarket billionaire Ron Burkle to make a competing bid.

Burkle, a buddy of former President Clinton who tried and failed to buy Tribune Co. (NYSE: TRB), is likely to treat union members with greater respect than Murdoch who in my estimation is a bit more to the right of the political spectrum.

Assuming that Burkle does come through with an offer, his odds of winning will be enhanced if he satisfies two tests: 1. He pays more money than Murdoch and 2. He guarantees not to meddle in editorial decisions. Up until today, I had not heard any speculation about Burkle's interest so I won't be surprised if new bidders emerge in the next few days.

With The Towel's stock closing 50 cents above Murdoch's price, it appears that investors expect more money on the table.

Peter Cohan is President of Peter S. Cohan & Associates, a management consulting and venture capital firm. He also teaches management at Babson College and edits The Cohan Letter. He has consulted to News Corp.'s CEO and has no financial interest in Dow Jones.

Have billionaires Eli Broad, Ron Burkle and Sam Zell run out of ways to spend their money? Maybe this explains their bidding war for Tribune Co. (NYSE:TRB).

Last night, Broad and Burkle said they would pay $34 per share for the Chicago-based media company, $1 more per share than an offer Tribune was on the verge of accepting from Zell. Both deals would be financed through employee stock ownership programs, according to the Los Angeles Times.

Broad and Burkle will invest $500 million in Tribune, more than the $300 million Zell reportedly offered, the paper said.

Money, though, isn't going to solve Tribune's problems.

Big city metros such as The Los Angeles Times are particularly vulnerable to competition from the Internet and smaller local papers. Tribune's largest paper also has had turmoil in its management ranks that reportedly has hurt morale in the newsroom. The other big Tribune papers like Newsday, The Baltimore Sun and the Chicago Tribune have similar problems.

Zell said he plans to keep Tribune intact. I don't think Burkle and Broad have made a similar pledge. Regardless, the Chicago Cubs are probably going to get a new owner at some point in the not-too-distant future.

These wannabe press lords may regret having their wish come true.

Billionaire Sam Zell seemed to like the idea of owning part of the Tribune Company (NYSE:TRB), for a few minutes at least. Other billionaires, like Eli Broad and Ron Burkle, were interested in buying only some of its newspapers. Private equity interests have approached the company about its TV stations.

Now the company is facing the March 31 deadline it set for bids and it appears that no one wants to pony up, at least not at a price much north of where the company currently trades.

That is very bad news for TRB shareholders. Because Wall Street has been hoping for a big bid, Tribune shares are only a few percentage points below where they traded a year ago. Similar companies like The New York Times Company (NYSE:NYT), McClatchy Company Holding (NYSE:MNI), and Journal Register Co. (NYSE:JRC) are off much more. McClatchy shares declined 35% over the period and stock in Journal Register is down 45%.

All of this means that when the March 31 deadline passes, Tribune shares could begin to correct and it would not be a shock if that correction takes that stock down 20% -- at least if investors look at the performance of similar companies.

The Tribune Company needs to find another billionaire.

Douglas A. McIntyre is a partner at 24/7 Wall St.

As I wrote yesterday on BloggingStocks, the rumor was that private equity firms had little interest in Tribune Co. (NYSE: TRB).

The good news is that there are a lot of billionaires in the US -- some of whom would like Tribune, or at least a piece of it. In fact, there are now at least two offers for the company.

First, Tribune's biggest shareholder, the Chandler family, whose ancestors created the Los Angeles Times, is offering about $31.70 per share. It's a funky deal, which includes $19.30 in cash and a planned spin-off of the broadcasting assets.

With a 20% equity stake, Chandler certainly has leverage.

The other offer comes from two California billionaires, Eli Broad and Ron Burkle. Their offer is also funky. They are willing to invest $500 million in the company and borrow $10.5 billion to pay a big dividend to shareholders. It's basically a leveraged recapitalization transaction.

In some ways, this represents further validation of the deep troubles in the newspaper business. On the news of the offers, Tribune's stock is up $0.55 to $30.89.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.