By: E&P Staff He led a group that came out of nowhere to buy the two main dailies in Philadelphia last year, and philly.com, for over $500 million. Now Brian Tierney has at least one eye on the big prize: The Wall Street Journal.
"If there was a formalized bidding process, it would be our intention to participate," Brian Tierney, chief executive of the company, Philadelphia Media Holdings said this evening, according to the Web site of one of his papers, The Inquirer. "We would participate as Philadelphia Media Holdings along with other investors. We wouldn't do it it alone....
"You're talking about some of the greatest brands globally."
Tierney's partners in Philadelphia Media Holdings include Toll Bros. co-founder Bruce Toll. Tierney told the Wall Street Journal that Murdoch's bid isn't too high considering Dow Jones has "some of the most powerful brands in the business."
A bid for Dow Jones would represent a price about 10 times greater than they forked over for the Philly properties. Rupert Murdoch continues to press his case, and another billionaire
"A Dow Jones spokesperson had no comment on Tierney's interest," the Inquirer revealed. "Tierney said he had discussed a potential offer with various people involved with Dow Jones but would not name them."
The Philadelphia Daily News reports on Thursday: "Philadelphia Media Holdings would be up against the big guns. Media baron Rupert Murdoch is attempting a $5 billion takeover of the Journal and Dow Jones.
"Also, the main union of Dow Jones employees is working with billionaire investor Ron Burkle, who made a fortune investing in supermarket chains, trying to muscle Murdoch out of the purchase."
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