Is Dow Jones Copycatting Tribune?

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The seemingly interminable Tribune (NYSE: TRB) saga was such a bundle of protracted fun that I'm pleased the powers at Dow Jones (NYSE: DJ) won't let their company go without a requisite amount of complications. At least, that's the impression one gets from the percolating news -- there may be another team circling the company and its Wall Street Journal.

As most Fools know, more than two months ago, media mogul Rupert Murdoch and his News Corp. (NYSE: NWS) offered $60 a share -- or about $5 billion -- for Dow Jones. The company that owns the Journal also publishes Barron's, provides a number of financial indices, and is the parent of a group of small- to medium-sized community newspapers. But Dow Jones' controlling Bancroft family, in the interest of protecting the Journal from Murdoch's meddling, has been seeking an agreement that would effectively insulate the financial daily's editorial operation from infamous Murdochian incursions.

At the same time, it's become increasingly apparent that Ron Burkle, a Los Angeles grocery store magnate who was involved in an unsuccessful effort to acquire Tribune, has also been circling Dow Jones. Further, it appears that Burkle may have teamed with entrepreneur Brad Greenspan for a joint run at the company, perhaps based upon the creation of an employee stock ownership plan, a la the winning approach taken by Sam Zell at Tribune.

Now it seems that a series of meetings has occurred, or is about to occur, between Burkle-Greenspan and the Dow Jones board, as well as between Bancroft family members and their advisors. But frankly, I have a couple salient thoughts about this unfolding series of events. I concur with former Dow Jones CEO Peter Kahn, who reportedly has expressed a preference for Murdoch, a longtime media professional, to prevail in his efforts to acquire the company. The pack of billionaires from other areas of endeavor who have become enamored of acquiring -- or at least pursuing -- media companies recall the old joke about the dogs chasing the buses -- I'm not certain they'd really know what to do if they caught one.

For related Foolishness:

• Tribune Joins Zell's Fold
• Will All Newspapers Fold?
• Newspapers Pressed Downward

While the continuing Dow Jones saga is enough to make your head turn, a free 30-day trial to any of our newsletters will bring a dose of reality and help you invest money in the right direction.

Fool contributor David Lee Smith does not own shares in any of the companies mentioned. He welcomes your questions or comments. The Motley Fool has a page-turning disclosure policy.