Come sit in daddy's lap, little media corporation...
NEW YORK, May 1, 2007 -- Dow Jones & Company today confirmed that its Board of Directors has received an unsolicited proposal from News Corporation...WSJ #
It's a $5 billion unsolicited bid for Dow Jones, publisher of The Wall Street Journal. The $60-a-share offer is roughly 67% above Dow Jones's recent market value.
The thought is it will trigger someone to buy it. Just last night in Tampa, the FCC heard why media consolidation "could be" a bad thing. Dumb headline and less dumb story here. Better story here, by the same person, oddly.
Long in the toilet, NY Times shares are up sharply at this hour - biggest move in years. Investors think RuMurd's dumb enough to buy it too?
See also this. And fairness and balance require we link the view from ClearChannel, which smells like ass no matter how clear.