News Corp In $5 B. Take-Over Bid for Dow Jones

Dow Jones & Co., owners of The Wall Street Journal, confirmed reports today of an unsolicited $5 billion buy-out offer from Rupert Murdoch's News Corp.

The offer, at 60 dollars a share, is roughly 67 percent above the company's recent market value.

Writing in The Wall Street Journal, Martin Peers offers this:

Critics are likely to see his potential acquisition of one of the nation's most influential newspapers as an unacceptable extension of his already formidable media sway. News Corp.'s only U.S. newspaper property now is the New York Post but the company owns the Fox broadcast network and Fox News Channel as well as several entertainment cable channels and 20th Century Fox film studio. The company is a major newspaper publisher in Britain and Australia, however.

Read the Dow Jones press release.