Blog Post

NWS-DJ: Greenspan Makes Another Public Appeal

Entrepreneur Brad Greenspan wants DJ shareholders to know Rupert Murdoch isn’t the only answer. In an open letter, he outlines a Monday letter to the DJ board that discloses “over five highly credible strategic and financial investor groups that are interested in pursuing a transaction in conjunction with the Journal Investment Group for Dow Jones & Co.” He wants the same due diligence material given to News Corp. and more time to work on a deal. His JV proposal includes a $600 million investment “in cash/services by the strategic and financial investors into new media initiatives” to go to three joint ventures. To be precise, $300 million would be in cash; the other $300 million would be “online/satellite/cable carriage and technical services.”

Greenspan contends that his group faces “a real barrier to entry” because it hasn’t had access to DJ data: “For instance, we have no knowledge of the accurate Dow Jones/WSJ internet traffic statistics. This is a huge piece of diligence/value appraisal. To date, only News Corp has access to this info.” (via MKTW)