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According to reports, Pearson is considering a partnership with GE-owned channel CNBC to launch a rival bid for Dow Jones & Co, which publishes The Wall Street Journal, as the US publisher attempts to attract further interest for the business following News Corp's unsolicited $5bn (£2.5bn) bid in April.

The Bancroft family, which owns a controlling stake in Dow Jones, has been linked with potential bids for Dow Jones from Philadelphia Media Holdings and US retail billionaire Ron Burkle, but there have so far been no formal bids for the company except News Corp's.

Another possible stumbling block for Pearson is matching the $60 per share price News Corp has offered, with industry analysts speculating that acquiring Dow Jones would put a considerable strain on financial resources across the business.

It is understood that the proposed venture between GE, the parent company of NBC, and Pearson would involve them combining to bid for Dow Jones, with each holding an equal share of the business and the Bancroft family maintaining a high minority stake in the publisher.

However, according to reports, senior members of Pearson have expressed reservations about acquiring The Wall Street Journal, fearing the effects of a substantial overlap in readership between the newspaper and the company's own flagship title, the Financial Times.

The proposed venture is likely to receive backing from the Independent Association of Publishers' Employees, the union that represents more than 2,000 Dow Jones workers, which has expressed major concerns about the WSJ's editorial independence were it to be bought by News Corp.

Rupert Murdoch, News Corp chief executive, has already held meetings with members of the Bancroft family in an attempt to calm fears about its bid for the business, but it is believed that Murdoch could not agree to some of the guarantees of editorial independence being proposed by the Bancrofts for a deal to go ahead.

Murdoch has insisted the discussions have been "constructive" and talks with the Bancroft family are ongoing.

However, some analysts have warned that in the long term, Pearson could suffer if News Corp is successful in capturing Dow Jones. An unnamed source told The Telegraph: "There is some logic to this deal. Pearson wouldn't want The Wall Street Journal to be rejuvenated by Murdoch. [He] has deep pockets, if he's willing to run it at a loss and expand in Europe and Asia, the FT's position only becomes harder."