WASHINGTON (AP) — News Corp. chief executive Rupert Murdoch says he will not raise his $5 billion bid for Dow Jones & Co. But the executive editor of BusinessWeek magazine predicted Murdoch will up the offer and acquire the owner of The Wall Street Journal by year-end.Journal publisher Gordon Crovitz, sitting on stage with BusinessWeek's John Byrne, refused to comment other than to acknowledge: "We're more accustomed to publishing the headlines than being in them."

Their remarks highlighted a panel discussion on "implications of the profound changes under way in journalism," hosted by the mutual fund trade group's annual conference.

The $60 per share offer prices Dow Jones in excess of what it is worth, Byrne said, but he thinks Murdoch will put more money on the table because "another $5 or $10 would break up the family".

That's a reference to Dow Jones' controlling shareholders, the Bancroft family, who oppose Murdoch's bid. "If they want to keep it a family-owned business, they should buy out the public shareholders at Murdoch's price," Byrne said after the panel, held as part of the Investment Company Institute's annual meeting.

James S. Berrien, president and publisher of Forbes Magazine Group, said Murdoch is willing to pay a 65 percent premium based on Dow Jones' closing stock price the day before the bid became public because of the Journal's established brand, aura and reputation in the financial news industry.

Murdoch on Wednesday reiterated that his $5 billion unsolicited buy-out offer was at a "full and fair price".

Murdoch's manoeuvre is not the only multibillion-dollar media buyout offer in the news. Thomson Corp. earlier this week detailed plans of its $17.5 billion bid for Reuters Group PLC that would create the world's biggest financial data and news provider, displacing the current real-time market news leader Bloomberg LP.