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Still more Dow Jones action! The big news: The board, "frustrated with the pace of the Bancroft family's negotiations with News Corp., said it would take over talks on the future of the company." This is viewed as a sign that Rupert Murdoch is going to get what he wants: "Because the Dow Jones board is obliged to pursue the best result for all shareholders, the handoff makes the $5-billion offer from Murdoch's News Corp. harder to beat for potential rivals."

Those rivals, you'll recall, include a potential joint-bid from Pearson and General Electric. James Ottaway, who controls about 6 percent of the voting stock, is in favor of that group, "saying that they would be better stewards of its Wall Street Journal newspaper than Rupert Murdoch's News Corp." Some Journal editors are less optimistic. One tells the Times that a "G.E.-Pearson deal would mean immediate cuts and deteriorating quality, while a Bancroft family deal struck with Mr. Murdoch might hold off fundamental change for a few years." Another potential bidder emerged yesterday in the form of Brad Green. "The former chief executive of the parent company of social-networking site MySpace says he will seek a non-controlling stake in Dow Jones & Co. through a $60-per-share 'Dutch auction.'" Green was against the decision to sell MySpace to News Corp., so if this bid is accepted (it won't be) things could get interesting. (They won't.) Ron Burkle is still apparently in the mix, but it seems like more of a pro forma mention in the papers rather than anything substantial.

And what of the Bancrofts? The family issued a statement repeating their demand that "any transaction must include appropriate provisions with respect to journalistic and editorial independence and integrity. Any acquisition will require the approval of the Board of Directors and shareholders owning a majority of the Company's voting power. There can be no assurance that any transaction or other corporate action will result from the foregoing or that the Board of Directors or the members of the Bancroft family will support any specific proposal." Yeah, good luck with that!