An internet entrepreneur and a Wall Street group have joined a list of potential rivals to News Corp.'s $5 billion bid for Wall Street Journal publisher Dow Jones & Co. Inc., an adviser to the Dow Jones employee union said on Thursday.

Ownership Associates founder Christopher Mackin, who is helping the union find alternative bids, said the entrepreneur and the group made contact with him. He declined to give their names.

The news comes after the head of the company that owns Philadelphia's leading daily newspapers said he would be interested in mounting a counter bid against News Corp. and its chairman and chief executive Rupert Murdoch. Philadelphia Media Holdings chief executive officer Brian Tierney also indicated he is willing to pay at least as much as Mr Murdoch is offering.

"We don't believe News Corp. is overpaying," Mr Tierney said in an e mailed statement. "This is one of the greatest journalistic enterprises ever created."

Mr Tierney said he is interested in bidding with partners, but did not identify any.

"If there is a process for the sale of the business we would be inclined to participate in partnership with others," he said in the brief statement.