• by Wayne Friedman , June 22, 2007

General Electric Co. and the financial-news publisher Pearson have stopped a joint bid for Dow Jones & Co.--which would seemingly clear the way for Rupert Murdoch's News Corp. to continue to pursue the company.

At the same time, GE and Pearson say they would continue to explore agreements between GE's cable network channel CNBC and Pearson's Financial Times.

News Corp.'s $60-a-share price for Dow Jones was deemed too pricey for GE and Pearson, according to some company executives. "We believe there already is a very significant premium on the table," a Pearson rep said.

Still, this leaves other potential bidders--perhaps of lesser interest to the Bancroft family that controls Dow Jones. Los Angeles supermarket billionaire Ron Burkle has teamed up with the union that represents a variety of Dow Jones workers, the Independent Association of Publishers' Employees. It could submit an offer for the company soon.

On Wednesday, MySpace founder Brad Greenspan said he would offer the same per-share price as News Corp.--but for one-fourth of the company. Greenspan plans to boost the company's online presence.

Analysts believe joint ventures, such as GE and Pearson, are difficult to manage at best. Still, ending the GE/Pearson effort doesn't negate the possibility that either company could in turn structure separate bids for Dow Jones.

"The announcement doesn't preclude GE from going out and trying to buy Dow Jones on their own," David Joyce, stock market analyst for Miller Tabak & Co. told MarketWatch. "I wouldn't count them out yet."