Bloomberg News

Brad Greenspan to Meet Dow Jones Board, Bancrofts (Update1)

June 26, 2007

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.

To contact the reporter on this story: Don Jeffrey in New York at Djeffrey1@bloomberg.net.

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net.


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