It’s not sure if the media mogul Rupert Murdoch will add Wall Street Journal to his media empire, because Dow Jones & Company's employees union is seeking an alternative bidder.

Last week the Bancroft Family Directors said they would meet Rupert Murdoch, the owner of News Corp, for discussion.

"After a detailed review of the business of Dow Jones and the evolving competitive environment in which it operates, the family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organization, which may include News Corporation," the statement reads.

It was quite an unexpected decision after two weeks ago, the Bancroft family rejected a a 5-billion-dollar made by Murdoch.

According to media reports, the Independent Association of Publishers' Employees and its financial adviser, Ownership Association, have contacted Californian billionaire Ronald W Burkle and his private equity firm, Yucaipa Companies, in a search for other bidders

Steven Yount, president of the 2,000-member Dow Jones union, said Ownership Association has prepared a counter offer to Murdoch's bid.

"We gave them the job of putting together a counter offer," Yount told The Times. "They started by contacting a number of big potential partners and Ron Burkle was the first to say yes, he would be interested in working with us to put together a bid."