Paper: MySpace pioneer still likes Dow Jones

NEW YORK (CNNMoney.com) -- Brad Greenspan, founder of the company that spawned MySpace, is still interested in buying Wall Street Journal publisher Dow Jones and is willing to explore a joint bid with an investment firm that has the support of unionized newsroom staffers, according to a published report.

A Los Angeles Times article Tuesday said that Greenspan, who made a reported $47 million when his EUniverse was sold to Rupert Murdoch's News Corp., says he would be happy to join Yucaipa Cos., which is controlled by Los Angeles billionaire Ron Burkle.

Brad Greenspan is reportedly still interested in Dow Jones.

Burkle, who had previously expressed interest in buying the Los Angeles Times when it and parent Tribune Co. (Charts, Fortune 500) were on the block earlier this year, has been advising the main union representing Wall Street Journal and Dow Jones newswire journalists.

News Corp. (Charts, Fortune 500) has made a $5 billion bid for Dow Jones (Charts), worth $60 a share, and is believed to be close to finalizing a deal with the board of the the financial news publisher after reaching a deal on safeguards to protect its editorial integrity.

Still, some members of the Bancroft family, which controls the majority of the voting shares of Dow Jones, are reported to be uneasy with selling to News Corp. given Murdoch's reputation for directing news coverage of some of his other properties for his business or political purposes.

Greenspan has reportedly offered to match News Corp.'s $60 a share offer, but is proposing to buy only about a quarter of Dow Jones stock. He would pay about $1.25 billion to existing shareholders, while giving an additional $250 million directly to the company for new stock.

In the interview with the Times, Greenspan said his strategy focused on a new cable or satellite television network that would use Dow Jones content, and he said he had backing in the Dow Jones bid from a potential pay-TV carrier, which he did not identify.

Murdoch also plans to launch a business news channel to challenge CNBC, a unit of General Electric that is a leaders in that space, and he plans to use the Wall Street Journal brand and content in that effort.