Blog Post

NWS-DJ: Brad Greenspan Auditions For Role Of DJ White Knight; Offers To Acquire 25 Percent

Nowhere on anyone’s list of possible suitors for Dow Jones, Brad Greenspan of MySpace early days’ fame is giving it a whirl. Greenspan is leading an investment group seeking a non-controlling stake, according to a release distributed a short while ago. He sent the DJ board a letter as well. The outline of his proposal:

— Journal Investment Group would commit to purchase DJ shares at $60 per — same as Murdoch — but using a Dutch Auction.
— JI would acquire shares totaling $1.25 billion. They would buy stock in DJ equaling $250 million to provide DJ with expansion capital.
— He wants two seats added to the board to be filled with his group’s choices “with specific expertise in internet/digital/broadcasting industries.”

Greenspan contends, among other points, that his resistance to the sale of MySpace parent eUniverse to News Corp. is one of the things that qualifies him for this. Founder of Intermix Media, precursor to eUniverse, Greenspan’s legal efforts to halt the sale were rejected by the court. As was the case in a similar effort to acquire control of eUniverse and MySpace, Greenspan so far is the only identified investor. “Someone has stepped up to the plate and is giving Dow Jones an alternative offer for the company. Kind of … Greenspan faces an uphill battle though. For one, he