Dow Jones Reorganizes Consumer Electronic Publishing Group to Integrat

    Publishing Writers/Business Editors

    NEW YORK--(BUSINESS WIRE)--Jan. 26, 2005--Dow Jones & Company (NYSE: DJ) today reorganized its Consumer Electronic Publishing group as a part of the integration efforts associated with its recent acquisition of MarketWatch, a leading provider of business news, financial information and analytical tools.
    "As we double the revenues of our Internet operations through the MarketWatch acquisition, we are focused on retaining a flat organization structure that encourages speedy decision-making, as is appropriate in serving these dynamic markets," said L. Gordon Crovitz, senior vice president of Dow Jones and president of its Electronic Publishing Group. "The merger also provides significant opportunity for cost savings, and this reorganization is the first step in achieving the nearly $12 million in cost savings projected by Dow Jones before the acquisition. The operational cost synergies from combining MarketWatch with Dow Jones will include elimination of royalty fees, the reduction of public company and other overhead costs, and benefits from integrating certain other operations."
    MarketWatch will be integrated with the Dow Jones Consumer Electronic Publishing business, which comprises The Wall Street Journal Online at WSJ.com, several free advertising-supported vertical Web sites, licensing of content to Web sites, and The Wall Street Journal Radio Network.
    MarketWatch will be maintained as a distinct brand. The product logo, which had been "CBS MarketWatch," has become "MarketWatch from Dow Jones." The MarketWatch brand and product range, with about 8 million unique visitors per month, complements The Wall Street Journal Online network, which provides premium business news to about 3 million unique visitors per month. The Online Journal is the largest paid subscription news site on the Web with more than 700,000 paid subscribers.
    As part of the reorganization, 97 positions---including open headcount from both Dow Jones and MarketWatch---have been eliminated from the human resources, finance, technology, advertising sales, marketing and news departments.
    Todd H. Larsen, president of Consumer Electronic Publishing, announced the reorganization of his unit. Consumer Electronic Publishing will maintain separate news operations for MarketWatch and WSJ.com; have a coordinated online advertising sales operation that will sell advertising across all Journal and MarketWatch Web properties; and have a combined marketing group responsible for managing all subscription marketing and customer-oriented functions for the division. The reorganization retains key personnel who have played a significant role in building the MarketWatch business.
    Dave Callaway will continue in his current role as the editor in chief of MarketWatch and remain responsible for all MarketWatch news operations, including the delivery of MarketWatch's ongoing commitments to Thomson Financial. Bill Grueskin will remain managing editor of the Wall Street Journal Online, and also will take on editorial responsibility for The Wall Street Journal vertical sites.
    Jeff Davis will continue in his current role as senior vice president and general manager for MarketWatch Information Services. In this role, Mr. Davis now will manage the combined licensing businesses of Consumer Electronic Publishing and MarketWatch.
    Randy Kilgore, currently vice president of advertising sales for the Online Journal, has been named senior vice president of advertising sales and will take on responsibility for the combined advertising sales organization for both the Online Journal and MarketWatch. Mr. Kilgore will be joined by Scot McLernon and Mike Henry, who each have been named vice presidents for the division, and will act as chief sales and strategy officers for MarketWatch and the Journal network, respectively.
    Jessica Perry will become senior vice president for marketing and business development. In this role, Ms. Perry will oversee the group responsible for all subscription marketing, business development and customer-oriented functions for the division.
    Messrs. Callaway, Grueskin, Davis, Kilgore and Ms. Perry all will report to Mr. Larsen.
    Other members of the MarketWatch management team will continue in key roles in the combined organization. They include: Dan Silmore, who previously served as vice president of marketing and public relations at MarketWatch, and now will become general manager of MarketWatch and its newsletter business; Frank Barnako, vice president of the MarketWatch Radio Network; Bob Leverone, vice president of the MarketWatch television operation; and Jamie Thingelstad, chief technology officer of MarketWatch.
    MarketWatch Chairman and Chief Operating Officer Larry Kramer will serve as a consultant to Dow Jones to support postmerger integration efforts and new-product development projects within Dow Jones Electronic Publishing.
    Dow Jones completed the acquisition of MarketWatch on Jan. 24, paying $18 per fully diluted common share-or approximately $453 million net of cash at MarketWatch. Dow Jones now has acquired nearly $770 million in media properties in the past two years. These include several properties acquired in its Electronic Publishing division (into which MarketWatch will be integrated), including Technologic Partners, Alternative Investor and vwd-the German-language financial-news wire-and the Stockton Record newspaper in its Ottaway Newspapers division.

    Information Relating To Forward-Looking Statements:

    This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those anticipated, including: the Company's ability to successfully integrate the MarketWatch business into its existing business units, and to achieve production and operational efficiencies and synergies in doing so; the risk that certain key employees whom we expect to stay may choose to leave MarketWatch in connection with the transaction; and such other risk factors as may be included from time to time in the Company's reports filed with the Securities and Exchange Commission and posted in the Investor Relations section of the Company's Web site (www.dowjones.com).

    About Dow Jones & Company

    In addition to The Wall Street Journal and its international and online editions, Dow Jones & Company (NYSE: DJ; www.dowjones.com) publishes Barron's and the Far Eastern Economic Review, Dow Jones Newswires, Dow Jones Indexes, MarketWatch, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group of Factiva, with Hearst of SmartMoney and with NBC Universal of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and operates The Wall Street Radio Network in the U.S.

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CONTACT: Dow Jones & Company Investor Contact: Mark Donohue, 609-520-5660 OR Media Contacts: Amy Wolfcale, 212-416-3213 OR Robert H. Christie, 212-416-2636

KEYWORD: NEW YORK INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS PUBLISHING BANKING INTERNET E-COMMERCE PRODUCT MANAGEMENT CHANGES SOURCE: Dow Jones & Company

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