Brad Greenspan, founder of the social networking site MySpace, said he plans to meet with the board of Dow Jones & Co. and the controlling Bancroft family over his counteroffer to Rupert Murdoch's $5 billion bid.
Greenspan, who proposed to buy 25 percent of New York-based Dow Jones for $60 a share earlier this month, said today on CNBC he has ``put together an investment group of media entities and financial investors'' for his bid and plans meetings this week.
The bid is considered a long shot now that Dow Jones is closer to accepting Murdoch's $60-a-share offer for the entire company after board members neared agreement on a plan for editorial independence at the Wall Street Journal, people briefed on the talks said.
Murdoch's News Corp. acquired MySpace for $580 million in 2005. Last year, Greenspan filed a lawsuit against MySpace and demanded a federal probe of the buyout, which he said defrauded shareholders. A judge dismissed the suit.
Roy Winnick, the Bancroft family's representative, wasn't immediately available for comment. Linda Dunbar, a spokeswoman for Dow Jones, declined to comment.
Shares of Dow Jones rose $1.27 to $58.77 at 4:18 p.m. in New York Stock Exchange composite trading and are up 62 percent since News Corp. (NWSA:US)'s offer became public on May 1. Class A News Corp. shares fell 30 cents to $31.51.
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