GO
Loading...

Carlyle Media Guru: Don't Bid Against Murdoch

Wednesday, 2 May 2007 | 10:04 AM ET

Norman Pearlstine has a unique perspective on Rupert Murdoch's "stunning" bid for Dow Jones. Pearlstine, the senior advisor to The Carlyle Group's telecom and media team, was previously the editor-in-chief of Time Inc. -- and the former managing editor and executive editor at The Wall Street Journal, Dow Jones' cornerstone asset. The publishing veteran told "Closing Bell" viewers his thoughts on the would-be News Corp. acquisition.

News Corp's Dow Jones Bid
Discussing Murdoch's bid for Dow Jones, with David Faber, CNBC news desk editor; Norman Pearlstine, Carlyle Group sr. advisor telecom and media team and CNBC's Maria Bartiromo

Pearlstine told CNBC's Maria Bartiromo that he's not advising Carlyle to bid against News Corp.'s $60-per-share offer: "At these kinds of price levels," any rival bid “would have to be a careful and considered decision.”

He said if the Bancroft family votes against Murdoch’s bid, it would create a “very fluid situation.” But finding rival bidders might be difficult: Private-equity firms –- which seek assets with resale value as much as low purchase prices -- haven’t been big players in newspaper deals. Thus, to line up a competitive bid, Pearlstine said “you’d have to find another person who can write a $350 million check.”

  Price   Change %Change
FOXA
---

Featured

Contact

  • Showtimes

    United States
    Monday - Friday 3:00P ET
    Europe
    Monday - Saturday 21:00 CET
    Asia
    Tuesday - Saturday 03:00 SIN/HK
    Australia
    Tuesday - Saturday 05:00 SYD
    New Zealand
    Tuesday - Saturday 07:00 NZ
  • With almost 30 years experience in business television, Bill Griffeth is co-anchor of the 3 p.m. ET hour of CNBC's "Closing Bell."

  • Kelly Evans

    Kelly Evans is an on-air correspondent, reporting across CNBC's business day programming. She is co-anchor of CNBC's "Squawk on the Street."