Has Barry Diller Chairmen of IAC/InterActiveCorp, become a bookie?
When asked about the chances a $5 billion dollar offer for Dow Jones by Rupert Murdoch's News Corp might succeed he responded, "I think that's a little better than even … but not by much more."
Diller, another well respected media mogul, spoke about the deal at the Reuters Global Technology, Media and Telecoms Summit in New York. Bodog.com has betting odds at +120 (Bet $100 to win $120) that Dow Jones & Co. will accept the News Corp. offer.
The biggest challenge to the deal is from members of the Bancroft family. The Bancroft's hold voting control over Dow Jones & Co. and have said they would oppose the News Corp. bid.
Murdoch sent a letter to the Bancroft family members promising to preserve the journalistic integrity of Dow Jones' flagship newspaper, the Wall Street Journal. Rupert offered to appoint a Bancroft family member to the News Corp. board, pledged to establish an editorial board to oversee the news pages, and to retain current management.
Bodog.com has posted business betting odds on whether Dow Jones & Co. will accept a buy out offer from News Corp. before the end of 2007:
Yes: +120
No: -160
