Los Angeles billionaire Ron Burkle and the union that represents Dow Jones & Co. employees are exploring making an offer for the publisher of the Wall Street Journal, which is being wooed by News Corp. publisher Rupert Murdoch.

Burkle, who unsuccessfully last year sought to buy Los Angeles Times publisher Tribune Co., is considering an offer for Dow Jones after being approached by the media company’s union and some key investors.

The announcement by the Independent Association of Publishers’ Employees, which represents more than 2,000 Dow Jones employees, comes a day after Murdoch and Dow Jones’ met to discuss Murdoch’s $5 billion bid to buy the company.

Jim Ottaway Jr., a major shareholder in Dow Jones, as well as many union members are opposed to Murdoch’s bid, saying it might reorient the Journal’s coverage to suit the mogul’s business interests.

The statement said that Burkle’s interest is in the very preliminary stages, and that specifics have yet to be released. The union said that other potential investors have been contacted, including Warren Buffett, David Geffen and others.

Burkle was recently reported to be in the running to purchase Tribune Co., Knight-Ridder as well as British publishing company Dennis Publishing all of which were sold to different parties.

Burkle did however purchase 70 enthusiast titles from Bonita Springs, Fla.-based Primedia Inc. for $1.2 billion last month.