Dow Jones Guild Members Explore Alternatives to Murdoch Bid

The Independent Association of Publishers' Employers, CWA Local 1096, and TNG-CWA are reaching out to investors who may be interested in making a bid for Dow Jones & Company, publisher of the Wall Street Journal, to help head off a bid by News Corp. owner Rupert Murdoch.

The Yucaipa Companies, headed by Ron Burkle, has expressed interest in working with the union and the Bancroft family, which owns Dow Jones, on a possible purchase of the company. 

IAPE President Steve Yount said that "our union remains hopeful that the Bancroft family will conclude that a sale is not necessary. But if a sale must take place, we believe there are alternatives to Rupert Murdoch." 

The workers, along with members of the Bancroft family and many media analysts, are worried that the steller reputation and independence of the Journal could be jeopardized by a sale to Murdoch, who is known for presenting sensational, tabloid-style journalism in his newspapers, such the New York Post, and conservative bias on his Fox News Channel.

IAPE represents 2,000 employees at Dow Jones, including journalists at the Journal and Barrons Magazine, and employees at the company's wire services, broadcasting and online enterprises.

IAPE, along with Ownership Associates, the firm that worked with TNG-CWA to assess a potential employee buyout of some Knight Ridder properties, also is exploring other investment relationships and has reached out to Warren Buffet, among others, to gauge their interest in bidding for Dow Jones.