News Corp says it is "highly unlikely" that it will proceed with its $5-billion merger offer for Dow Jones, in view of the sustained opposition to it from the Bancroft family, which controls 64 per cent of the media firm''s voting shares.

According to reports, those members of the Bancroft family who back Rupert Murdoch''s offer hold less than a third of the voting stock.

Simultaneously internet entrepreneur Brad Greenspan said he had mustered sufficient financial support to be able to mount a serious rival bid for the media group that owns The Wall Street Journal.

In 2005, Greenspan, who previously ran Intermix Media Inc that owned MySpace.com, tried but failed, to block News Corp from acquiring his company, said he had gained the backing of five investor groups interested in buying a stake in Dow Jones to foil News Corp''s bid.

After having tabled the bid on 1 May, the News Corp bid finally gained the backing of the Dow Jones'' board in the middle of this month (See: Dow Jones board clears $5 billion News Corp bid, seeks Bancrofts'' nod)

Tha Bancroft family has been opposed to News Corp gaining control of Dow Jones as it fears Murdoch would compromise the integrity of its media properties while pursuing his business interests.