Two "old" media giants may be ripe for the picking, according to recent news reports. Dow Jones, which publishes The Wall Street Journal, has received an unsolicited $5 billion bid from Rupert Murdoch's News Corp., and Reuters has confirmed that it received a buyout offer from an undisclosed suitor.

Theories are mixed on why the two properties are now receiving bids. While the International Herald Tribune reported that both Reuters and Dow Jones might be in play for the simple reason that they are relative bargains, others suggest that there are specific strategic motivations.

BusinessWeek columnist Jon Fine wrote that Murdoch would likely turn The Wall Street Journal into his version of a New York Times.

"The more I read and think about this, the more I come to the interpretation that Rupert sees in The Wall Street Journal a chance to build a paper that could be his version of a New York Times," Fine wrote. "One that's probably more focused in content, but global in scope."

Fine added that if Murdoch succeeds in buying the Bancroft-controlled Dow Jones -- a possibility rejected by the Bancroft family -- the acquisition would simply mean greater competition for The New York Times.

As for Reuters, there is no official word on a buyer, but sources close to the talks say Thomson, a Toronto-based competitor that specializes in financial data, was wooing the news service.

Paul Zwillenberg, head of the media practice at OC&C Strategy Consultants, told The International Herald Tribune both companies might look attractive because of low stock prices, but there may be another reason Reuters and Dow Jones are in play.

Both companies sell information to other businesses, rather than consumers, Zwillenberg explained, which means the publisher can continue to charge a subscription for media in an environment where free content is increasingly becoming the order of the day. 

"The long-term advantage is all about having proprietary content that is hard to aggregate and that is mission-critical for making important business decisions," Zwillenberg said.