July 1-15, 2004 Edition GENERAL NEWS Dow Jones
Newswires To Acquire
Oster Dow Jones
NEW YORK/06/28/04Dow Jones Newswires, a division of Dow Jones & Company (NYSE: DJ), today announced that it will become the owner of 100% of Oster Dow Jones (ODJ), a joint venture it established with Oster Communications, LLC, in January 2002, in which Dow Jones was previously a one-third owner. The new operation will be part of Dow Jones Newswires, and its news servicenow branded Oster Dow Joneswill be rebranded as the “Dow Jones Commodities Service.”
Completion of the acquisition is subject to customary closing conditions. Financial terms of the transfer, which are governed by the joint-venture operating agreement, weren’t disclosed.
“Commodities and futures coverage is important to our strategy of covering news and information related to all asset classes, and we expect this to become a fast-growing part of our business,” said Paul Ingrassia, president, Dow Jones Newswires. “Oster Communications and its founder, Merrill Oster, brought to this partnership an ear-to-the-ground sense of what commodities-news subscribers need, and this will continue under Dow Jones’ control.”
The Dow Jones Commodities Service chiefly serves two types of clients: financial professionals involved in trading commodity and financial futures, and farmers, manufacturers, end-users and bankers involved in the production, procurement and financing of physical commodities.
Dow Jones Newswires will acquire ODJ’s current full-time news staff of 48 reporters and editors, as well as its extensive network of stringers, who will report through the respective senior editors of Newswires operations in the Americas, Asia/Pacific and Europe/Middle East/Africa. The Dow Jones Commodities Service will have bureaus in key commodities capitals, including Chicago; Kansas City, Kan.; New York; Washington, D.C.; Sao Paulo, Brazil; London; Abidjan, Ivory Coast; Singapore; and Sydney, Australia.
As they do now, commodities-news reporters will continue to cover precious and base metals, grains, livestock, coffee, sugar, cocoa, and orange juice, both for physical and futures markets.
John Hitchcock, who is currently the joint venture’s vice president for sales and marketing, and a managing director of Dow Jones Newswires, will oversee the operations of the Dow Jones Commodities Service.
About Dow Jones Newswires
Dow Jones Newswires ( www.djnewswires.com) provides real-time news for financial professionals in the equities, fixed-income, foreign-exchange, and energy markets. The division also offers news for financial firms’ Web sites and Dow Jones Financial Information Services’ sector-specific content. In addition to Dow Jones Newswires, Dow Jones & Company (NYSE: DJ; www.dowjones.com) publishes The Wall Street Journal and its international and online editions, Barron’s and the Far Eastern Economic Review, Dow Jones Indexes 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 radio stations in the U.S.
Information Relating To Forward-Looking Statements and Non-GAAP Reconciliation:
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 volatility of the venture capital and private equity markets and the extent to which these markets begin to grow, following their contraction in recent years; the Company’s ability to successfully integrate this acquired business, which includes the distinct newsletters, database and events businesses, into the company’s Newswires business unit, and to achieve production and operational efficiencies in doing so; the competition from other news and information companies for products aimed at the venture capital or private equity markets; the volatility of the events business which is impacted by growth and contraction in the venture capital and private equity markets and by external factors that impact willingness to travel, such as war and other geopolitical events; 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. This press release includes certain non-GAAP financial measures as defined under SEC rules. As required by SEC rules, we have attached to this press release a reconciliation of those measures to the most directly comparable GAAP measures. This reconciliation is also available on the Investor Relations page of our web site at www.dowjones.com.
Pittsburgh/06/23/04Joseph-Beth Booksellers will open its first bookstore in Pennsylvania November 1 in Pittsburgh’s South Side Works Project.
The 28,000-square-foot store will be the company’s eighth retail outlet, joining facilities in Lexington, KY, Cincinnati, Ohio, Cleveland, Ohio, and Tennessee.
The Pittsburgh store will have large health, travel and children’s sections. The company has a growing regional presence as book retailer, but said it will emphasize close connections with the community.
Health Education Effort
The American Library Association and Walgreens have launched a national health education effort, involving ten host libraries. The effort was launched on June 24 at the Orange County Library in Orlando.
Key figures were present including Carla Hayden, Ph.D., President, American Library Association, Jeff Rein, R.Ph., President, Walgreens; Tom Kohler, Orange County Library System Board Chair; and Linda Stewart, Orange County Commissioner
Fifty-one percent of consumers report it is difficult to differentiate credible from untrustworthy health information online, according to a 2003 Manhattan Research study. For this reason and others, millions of Americans turn to library staff and to pharmacists for help finding accurate, timely and balanced health information.
ALA President Carla Hayden and Walgreens President Jeff Rein will be joined by local Orange County officials as they announce a new national health education effort to meet the growing health needs of the public and share the results of a national survey about Americans’ health concerns and information needs. They also will announce the 10 libraries that will host a facet of the campaign that brings local pharmacists into community libraries to conduct health information seminars. The Orange County Library System has been selected.
The launch takes place on the first day of the ALA’s Annual Conference in Orlando, which is expected to bring about 25,000 library staff, authors, exhibitors and guests to the city.
Walgreens also has become a Founding Partner of The Campaign for America’s Libraries, a multi-year public awareness and advocacy effort, sponsored by ALA, to speak loudly and clearly about the value of libraries, librarians and library workers in the 21st century.
For more information visit the American Library Association website at www.ala.org.