Dow Jones Plays Hard to Get

Meanwhile, would other publishers or media conglomerates step into the fray? One clear possibility is General Electric (GE Quote). Its cable news network, CNBC, is threatened by Murdoch's bid, because it has enjoyed a content-sharing partnership with the Journal.

If Murdoch were to steal the Journal out from under GE, that could be a boon for News Corp.'s soon-to-be-launched competitor to CNBC, the Fox Business Channel. At the same time, CNBC is a tiny part of GE's portfolio. The massive conglomerate would have a tough time justifying a pricey acquisition of Dow Jones to its shareholders, who are largely impatient with the media industry in general.

Other potential buyers, like the Washington Post (WPO Quote), might have more credibility with the Bancrofts as stewards of the Journal, based on their own journalistic traditions, but would the Washington Post or any other newspaper publisher match Murdoch's offer?

Ken Doctor, analyst with Outsell Inc., says News Corp.'s bid is a "shock and awe" technique on the part of Murdoch to plow through all the potential hurdles that lie before him in his quest to own a top-shelf media property like the Journal.

Doctor also says investors should refrain from extrapolating Murdoch's sky-high valuation for Dow Jones to its peers.