... NBC decided to explore a bid after being contacted by investment bankers on behalf the Bancroft family. Both the Bancrofts and Dow Jones have hired investment bankers that have been pursuing potential bidders since the News Corporation offer to buy Dow Jones for $60 a share was disclosed in early May. NBC then contacted Microsoft about the possibility of a joint move.But following a brief review, Microsoft rejected the idea of taking further steps, and NBC agreed, the person said.
For NBC, the News Corporation bid, if successful, raises competitive concerns. Its CNBC is the leading financial news channel on television, generating solid profits for NBC. Mr. Murdoch has said that one of the reasons he is willing to pay a premium price for Dow Jones is that he plans to start his own financial news channel and to tap the news gathering resources and staff of The Wall Street Journal. He hopes to challenge CNBC in financial news, just as his Fox News Channel has proved a formidable rival to CNN and MSNBC.
Another person close to the two companies said they abandoned their plans after they could not see a way to make a purchase of Dow Jones at a price equal to or higher than Mr. Murdoch’s.