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Carlyle Media Guru: Don't Bid Against Murdoch

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.

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.”

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