Media mogul and billionaire Michael Bloomberg is considering the acquisition of a stake in Dow Jones – the publisher of the Wall Street Journal – US media reported, citing undisclosed sources. Another reported option on the table is buying out the Washington Post.
Bloomberg purportedly sees Dow Jones as a “perfect fit” to expand his media empire and create an "unparalleled business news behemoth," according to US media.
Dow Jones controls financial media outlets The Wall Street Journal, Barron's and Market Watch. It is also part of Rupert Murdoch`s News Corp, which he plans to merge with Fox Corporation. Bloomberg is reportedly skeptical about this idea, as per sources cited in the report. It is understood that Bloomberg hasn`t yet contacted Murdoch, but has hired investment bankers to evaluate the asset.
The acquisition of Dow Jones will facilitate selling more subscriptions to the Bloomberg terminal. Subscriptions to the terminal constitute the vast majority of Bloomberg's revenue. This terminal, which gives direct access to stock prices and exclusive financial news, is highly valued by traders.
Bloomberg is reportedly on good terms with Washington Post owner Jeff Bezos, who bought the outlet in 2013 for $250 million, nonetheless, experts believe that Bezos won`t sell his asset to Bloomberg. Washington Post spokesman earlier said that the newspaper is "not for sale".