New York: Though it has been in talks for a takeover by Rupert Murdoch''s News Corp, Dow Jones & Co is reported to have met US supermarket magnate Ron Burkle and internet entrepreneur Brad Greenspan in an effort to find an alternative buyer for itself. (See: Murdoch, Dow Jones yet to strike deal; US magnate named possible bidder)

Burkle and Greenspan met with members of Dow Jones'' board committee in New York late yesterday afternoon to jointly discuss the possibility of a rival bid.

News Corp had offered a 65 per cent premium at $ 60 per share in a $5 billion deal for Dow Jones, the publisher of The Wall Street Journal, as it plans to build a new business cable television channel.

The two companies are believed to have reached a basic agreement over protecting editorial independence at the The Wall Street Journal and other Dow Jones news operations in the event of News Corp emerging successful in its bid.

Even at this stage, Dow Jones has attempted to find other potential buyers to allay the misgivings over News Corp acquiring control of the publishing assets of the group of the Bancroft family, which owns 64 per cent of the company''s voting shares.

Observers say a serious rival to News Corp was unlikely at the size of the offer made by it.

Burkle is said to be exploring a structure for Dow Jones that would incorporate an employee stock ownership plan, while Greenspan had made an offer to acquire a 25-per cent stake in Dow Jones at the price offered by News Corp in what he described as a partial buyout.

Greenspan founded Intermix, which houses the MySpace social network bought by News Corp in 2005.

According to a The Wall Street Journal report, Greenspan sought to purchase up to half the stock in Dow Jones with the help of satellite provider EchoStar Communications and Intel Corp.''s investment arm.