Path Cleared For Murdoch To Buy Wall St. Journal
General Electric will not compete against Rupert Murdoch's News Corp to buy Dow Jones & Co, publishers of the Wall Street Journal. GE had reportedly had exploratory talks with Pearson PLC, publisher of the London Financial Times about making a complicated joint offer to the Bancroft family that would have packaged GE stock and GE-owned business cable channel CNBC into the deal. In the end, they reportedly concluded that no matter how they structured a proposal to the Bancrofts, it was not likely to beat Murdoch's offer of $60 per share. "Rupert, all along, has been the logical and only buyer for these assets, and the Bancrofts at this point would be well advised to entertain the offer,'' Gamco Investors analyst Lawrence J. Haverty Jr. told Bloomberg News. "No one will pay more."