es in crafting a bid that would keep the company from being sold to Rupert Murdoch's News Corp., his representatives said Tuesday. The grocery store magnate has not pledged to financially back a bid for the owner of The Wall Street Journal and other news outlets, according to people familiar with the discussions. They said he was unlikely to put up a significant investment because of the US$5-billion price offered by Murdoch.
At least one other wealthy individual and a Wall Street corporation called the union interested in joining a bid, people connected to the organization said.
A member of the Bancroft family that controls Dow Jones also has expressed interest in meeting with the union. Union officials said they were acting out of concern that the journalistic work of their members would be compromised when it conflicted with Murdoch's business or political goals.
"There is a reason that Dow Jones has to remain an editorially independent company," union President Steve Yount said. "The Wall Street Journal is one of two well-regarded national newspapers," along with The New York Times.
Dow Jones stock rose 34 cents Tuesday to US$60.50, closing above Murdoch's US$60 offer.
Yet even the union agrees the effort is a long shot because Murdoch bid is pricey, representing a 67 percent premium over Dow Jones' value before his offer was announced.
"It's not going to be easy," Yount said. "If somebody quoted me the odds on this, I probably wouldn't do it."
A spokesman for Burkle's Yucaipa Cos. investment firm confirmed that Burkle was advising the union, which is affiliated with the Communication Workers of America. The union recently hired Ownership Associates, which structures employee buyouts of companies.
The use of employee funds, which carries significant tax advantages, has gotten renewed attention in the wake of the successful bid for Tribune Co. by financier Sam Zell of Chicago, who is relying on money from that company's Employee Stock Ownership Plan to take the media giant private.
Edward Atorino, an industry analyst with Benchmark Co. in New York, said he understood the union's concern about Murdoch's possible ownership. But he warned that few others likely would pay the high price that News Corp. is offering.
"Nobody's going to pay US$5 billion for Dow Jones; it doesn't work," Atorino said. "It only works for Murdoch because he's buying it to start up his financial network" -- Fox Business cable channel.
Preserving The Journal's independence was the subject of a meeting Monday between Murdoch, the Bancrofts and Dow Jones' chairman.
The Bancrofts want an oversight board for the newsrooms they would pick and that would choose its own successors, while Murdoch wants a board whose majority works for News Corp.
The two sides are expected to meet again, although Murdoch isn't likely to attend, said News Corp. spokesman Andrew Butcher.
Dow Jones and the Bancrofts had no comment.
