Tuesday, July 31, 2007

Brad Greenspan Continues Quest For Dow Jones

Internet entrepreneur Brad Greenspan, the ex-founder of Intermix, is continuing his quest to be taken as a serious challenger to Rupert Murdoch in a bid for control of Dow Jones Corp. Greenspan issued an open letter to Dow Jones shareholders yesterday asking the firm for due diligence material, including Dow Jones/WSJ Internet traffic statistics. Greenspan is offering $600M for Dow Jones, made up of $300M in cash, plus $300M in "online/satellite/cable carriage and technical services" for Dow Jones. In the open letter, Greenspan characterized the current negotations between Dow Jones and News Corp. as "highly deficient." Greenspan is best known for his lawsuits against News Corp., where he claimed that the acquisition of Intermix Media by News Corp defrauded shareholders of the firm. Greenspan had claimed that the News Corp. deal undervalued MySpace.