February 23-March 2, 2006 Edition

Breaking News

Dow Jones Reorganizes

Print, Electronic Properties,

Names New WSJ Publisher

NEW YORK, NY/2/22/2006—Dow Jones & Company has named a new publisher for The Wall Street Journal to oversee a merging of its print and online publications under one management team.

L. Gordon Crovitz, who has served as senior vice president of electronic publishing and has been with The Journal since 1981, will head the new Journal. Crovitz will oversee a new consumer media group that will include both print and online versions of the Journal, Barron’s, MarketWatch and other consumer products, according to an announcement by Dow Jones’s CEO Richard F. Zannino.

Mr. Crovitz, The Journal’s new publisher, will replace Karen Elliott House, the former CEO’s wife, who resigned when Mr. Zannino was named to head the company.

Journal Managing editor Paul E. Steiger will manage both the printed newspaper and the Journal’s web site,

The Journal’s managing editor, Paul E. Steiger, will now be in charge of both the printed newspaper and the newspaper’s Web site, Mr. Crovitz said in a conference call with analysts and investors today.

Dow Jones is shifting away from a distribution-channel model of organization to one which is segmented according to three target audiences—consumer media, including Dow Jones Newswires; business media, including Dow Jones Financial Information Services and Dow Jones Indexes; and community media, comprised of the company’s Ottaway chain of daily and weekly newspapers.

Mr. Zannino told investors in a conference call that the new plan would reflect a tougher economic climate and the new realities the Internet has brought to publishing. The company aims to reduce costs by about $8 million a year, increase value to its customers and become better positioned to exploit growth opportunities.