Magazine article Editor & Publisher

Dow Jones Union Hires Advisors to Seek Alternatives to Murdoch Bid

Magazine article Editor & Publisher

Dow Jones Union Hires Advisors to Seek Alternatives to Murdoch Bid

Article excerpt

Similar to the move the Newspaper Guild of America made when Knight Ridder went on the block in November 2005, the union representing Dow Jones & Co. has retained financial advisors to look for alternatives to the News Corp. bid for Dow Jones.

The Independent Association of Publishers' Employees (IAPE) has tapped Ownership Associates -- the same Cambridge, Mass., firm that represented the newspaper guild in its attempts to find a buyer for Knight Ridder. The Newspaper Guild and the Communications Workers of America are involved in helping the IAPE find potential backers for Dow Jones other than News Corp.

In the case of Knight Ridder, the guild, backed by Ronald Burkle's private investment firm the Yucaipa Companies, attempted to bid for parts of the company -- including the 12 papers divested by winner McClatchy. It failed, obviously.

The IAPE said in a statement that follows that representatives have already reached out to potential investors. it follows.

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The Independent Association of Publishers' Employees (IAPE), the union that represents more than 2,000 employees of Dow Jones & Company, has retained advisors to explore alternatives to the proposed News Corp bid for Dow Jones & Company and its flagship publication, The Wall Street Journal. …

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