Buffett: Dow Jones Bid Not High

Updated from 11:57 a.m. EDT

Legendary value investor Warren Buffett said Monday that News Corp.'s (NWS Quote) $60-a-share offer for Dow Jones (DJ Quote) is "not a high price" for the publisher of The Wall Street Journal.

In an interview with CNBC, the chairman and CEO of Berkshire Hathaway (BRK-A Quote) said the Bancroft family, the controlling shareholders of Dow Jones, could always get $60 a share for the company. The price has been viewed as particularly lofty because it amounted to a 67% premium to where the company's stock stood before the bid became public last week.

"That's not a high price for Dow Jones if you add the psychic income that you get plus the cash income," said Buffett. "So it's not like they're turning down the deal of a lifetime if they turn it down." ...