New York—General Electric Co. and Pearson PLC are reportedly discussing making a joint bid for Dow Jones & Co., publisher of The Wall Street Journal, that would allow the Bancroft family to keep a minority interest in the company. The two companies and Dow Jones would create a privately held joint venture, according to the Journal. It would be owned in equal parts by GE and Pearson, with the Bancroft family maintaining a minority stake. The talks between GE and Pearson come amid the effort by News Corp. Chairman-CEO Rupert Murdoch to acquire Dow Jones for $5 billion. After initially rejecting his proposal, Bancroft family members and their advisers met with Murdoch two weeks ago but have not yet agreed on a proposal that the family believes would protect the editorial independence of the Journal.