Who's Next? Former MySpace Exec Joins Fight for Dow Jones

By: An investment group led by Internet entrepreneur Brad Greenspan will seek a non-controlling stake in Dow Jones through a "Dutch auction."

Greenspan, the former chief executive of the parent company of social-networking site MySpace, says in a letter to the board of directors at Dow Jones that he will buy about 25% of Dow Jones common stock at $60 a share.

In the so-called Dutch auction, Dow Jones shareholders could choose to tender their shares with the investment group buying them until it had acquired about a 25% stake in Dow Jones.

News Corporation, the media conglomerate controlled by Rupert Murdoch, has made an offer to purchase Dow Jones, publisher of The Wall Street Journal, for five billion dollars.