GE, Pearson Abandon Dow Jones Bid

NEW YORK, June 22: General Electric and Pearson have decided
not to pursue the acquisition of Dow Jones & Company, publisher of The
Wall Street Journal, pushing News
Corporation’s $5-billion bid for the company closer to success.

In a statement, Pearson confirmed that it had held “exploratory
talks with GE about opportunities in business and financial information,
including Dow Jones.” The two companies had discussed a deal that would combine
NBC Universal’s global business news network CNBC with The Financial Times
Group and Dow Jones. Pearson said that while the companies are not aligning for
a Dow Jones bid, they would “continue to discuss co-operating agreements
between CNBC and the Financial Times Group.”

News Corporation remains the leading contender for the Dow
Jones assets with its $5-billion offer. The company has put some assets on the
market—nine of its stations, as well as the Moscow-based outdoor
advertising firm News Outdoor Group—in order to raise financing for the
offer.