News Corp. Confirms Dow Jones Bid

NEW YORK, May 2: News Corporation, which is gearing up to
launch its FOX Business Channel in the fourth quarter of this year, has
confirmed that it has made a $5-billion offer to acquire the business and
financial news provider Dow Jones.

The $60-per share offer sent Dow Jones’ shares up 55 percent
yesterday as speculation built that the company, which owns the Wall Street
Journal, could now be at the center of a
bidding war. NBC Universal’s parent company General Electric is said to be
mulling a counter offer for Dow Jones, which provides data to the CNBC business
news network. Google has also been cited as a potential suitor.

Reports indicate that the Bancroft family, which owns about
25 percent of Dow Jones stock but controls more than 60 percent of the
company’s shareholder voting rights, has rejected News Corp.’s bid and is said
to be hoping for a higher counter offer.

In addition to the Wall Street Journal, Dow Jones owns Barron’s and the Dow Jones newswires, among other assets. In
2005, Dow Jones exited its joint venture with NBC Universal to operate the CNBC
channels in Europe and Asia.