AP News, June 7th, 2007
The company that owns The Philadelphia Inquirer would be interested in joining a bid to buy Dow Jones & Co., publisher of The Wall Street Journal, The Inquirer reported Thursday.
"If there was a formalized bidding process, it would be our intention to participate," said Brian Tierney, chief executive officer of Philadelphia Media Holdings L.L.C.
Philadelphia Media Holdings, which also owns the Philadelphia Daily News and Philly.com, would participate with other investors in making a bid, Tierney told The Inquirer. "We wouldn't do it alone."
The interest by Tierney was first reported by The Journal on Wednesday. He told both The Journal and The Inquirer he did not think Rupert Murdoch's bid of $5 billion, or about $60 a share, for Dow Jones was excessive.
"You're talking about some of the greatest brands globally," Tierney said.
Dow Jones properties also include Barron's and Dow Jones Newswires.
The Inquirer said a Dow Jones representative had no comment on Tierney's interest. A spokesman for Tierney did not immediately return a call from The Associated Press seeking comment early Thursday.
Tierney and his Philadelphia Media Holdings partners, including Bruce Toll, co-founder of luxury homebuilder Toll Bros., bought The Inquirer and Daily News for $562 million about a year ago.
Billionaire investor Ron Burkle is also exploring alternatives to the bid by Murdoch, chairman of News Corp. Burkle is working with a union representing workers at Dow Jones.
The Independent Association of Publishers' Employees said that besides Burkle, it had reached out to billionaire investor Warren Buffett and others in an effort to find other potential buyers.
