June 15 (Bloomberg) -- Shares of Dow Jones & Co. rose after the Wall Street Journal reported Pearson Plc may make an offer for the company to counter Rupert Murdoch's $5 billion bid.

The shares gained 1.9 percent to $59.01 today in New York Stock Exchange composite trading. London-based Pearson is looking for partners for a possible bid, the Journal said, citing people familiar with the matter. The newspaper described such an offer as a ``longshot.''

A purchase of New York-based Dow Jones would bring together Pearson's Financial Times with the Wall Street Journal, Dow Jones Newswires and Barron's magazine. Pearson, which has a market value of 7 billion pounds ($13.9 billion), has reached out to potential partners including Hearst Corp. and General Electric Co., the Journal reported.

``It could be a good combination with the FT,'' said Hal Vogel, a New York-based media analyst. ``However, it won't be easy to raise funds from partners.''

Pearson spokesman Luke Swanson declined to comment.

Andrea Grinbaum, a spokeswoman for Dow Jones, said she had no information on the Journal report. Roy Winnick, a spokesman for Dow Jones's controlling shareholders the Bancroft family, said he ``can't comment on market rumors.''

Hearst Corp. spokesman Paul Luthringer said in an e-mail that ``we don't respond to speculation on such topics.'' Russell Wilkerson, a spokesman for Fairfield, Connecticut-based GE, declined to comment.

Murdoch Plan

The Bancroft family said in a May 31 statement it would consider offers besides the News Corp. bid. Today, the family said it is still working on a proposal to send to Murdoch's News Corp. designed to protect the Journal's editorial independence. The Bancrofts won't submit a plan until they reach a consensus, spokesman Winnick said earlier today in a statement.

Murdoch's bid of $60 a share is 65 percent higher than Dow Jones's closing price on April 30, a day before his offer became public.

News Corp. spokesman Andrew Butcher declined to comment. Class A shares of News Corp. declined 21 cents to $22.25 at 4:01 p.m. in New York Stock Exchange composite trading.

No other potential buyer has emerged since Murdoch's bid was made public.

Dow Jones's union, the Independent Association of Publishers' Employees, last week hired investment adviser Ownership Associates of Cambridge, Massachusetts, to recruit investors for an alternative bid.

``Pearson hasn't been in touch with us, but there has been enough time for major strategic players to consider alternatives,'' said Christopher Mackin, Ownership's founder and president.

The union also enlisted billionaire Ron Burkle as an adviser.

To contact the reporter on this story: Leon Lazaroff in New York at llazaroff@bloomberg.net; Cecile Daurat in New York at cdaurat@bloomberg.net;

Last Updated: June 15, 2007 18:20 EDT