Dow Jones & Company, Inc. (NYSE:DJ) shares jumped over 50% today after the company received an unsolicited $5 billion, or $60 per share, bid from News Corp. (NYSE:NWS). The move would expand News Corp's reach into business media with the Wall Street Journal and Dow Jones Newswire. While unsolicited, News Corp. insisted that the bid was friendly and the company would not pursue any kind of a hostile takeover of Dow Jones.

It is obvious that Dow Jones is a company that News Corp. wants badly enough that it would bid such a high amount to preclude competitors. Dow Jones investors may be ready for an exit too after the company announced first-quarter profits that fell 63% after revenue at the Wall Street Journal declined. Coupled with a slowdown in the print media industry - which saw newspaper circulation fall 2.1% in six months - the bid should be welcomed by the company's board of directors. However, we'll have to wait and see...

News of the unsolicited bid also sent shares of other newspaper companies up as speculation of consolidation in the industry took over. Gannett rose 5%, the New York Times rose 5% and the Washington Post rose nearly 3%. For now, however, this seems like an isolated incident.

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