Longshot Dow Jones Bidder Outlines New Plan

Still, observers have been quick to dismiss Greenspan as a fringe player harboring a grudge against Murdoch over News Corp.'s acquisition of MySpace.com.

"I can speak from experience regarding missed opportunities," said Greenspan, noting his efforts to block News Corp.'s $580 million purchase of MySpace owner Intermix in 2005. Greenspan was the CEO of Intermix before being ousted in a 2003 proxy battle.

"Unfortunately, my efforts [to block the sale] were muffled by directors and senior management rushing to endorse the sale and cash out," he said. "Today, less then 24 months later, the value of MySpace is estimated to be $20 billion to $25 billion, according to UBS analyst Aryeh Bourkoff."

Shares of Dow Jones closed down 40 cents, or 0.7%, to $55.

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