Ron Burkle, a California billionaire with close ties to the Clintons, on Tuesday emerged as a potential rival to Rupert Murdoch and his quest to take over Dow Jones and its flagship Wall Street Journal.

Mr Burkle, who made his fortune in supermarkets and has recently turned his attention to newspapers, told the Dow Jones union that he would be interested in exploring a possible joint offer for the media group, according to Steve Yount, president of the local arm of the Independent Association of Publishers’ Employees.