A union representing Dow Jones employees is working to find investors, including billionaire Warren Buffett, to counter an offer for the group by Rupert Murdoch.
The Independent Association of Publishers' Employees (IAPE) said it had reached out to Buffett and to billionaire investor Ronald Burkle - and said Burkle's holding company agreed to work on an alternative bid.
The announcement came a day after Murdoch met the family that controls Dow Jones on his hostile takeover bid.
News Corp, of which Murdoch is chairman, announced a $5 billion takeover bid for Dow Jones in May, but it was initially rejected by the Bancroft family amid fears about editorial meddling.
IAPE said Dow Jones reporters were fearful that Murdoch would interfere in their editorial decisions. Similar fears have also been voiced by Wall Street Journal reporters. The Journal is owned by Dow Jones.
