The seemingly interminable Tribune
As most Fools know, more than two months ago, media mogul Rupert Murdoch and his News Corp.
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.
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