Wall Street Journal Continues to Expand Global Leadership in Publishing; Two Major Product Launches in Space of 30 Days Are Unique in Publishing Industry

The Wall Street Journal continues to invest in expandingits global leadership in print and online publishing, most recentlydemonstrated by the successful Sept. 17 launch in the U.S. of theWeekend Edition as the largest national newspaper published onSaturday; today's launch of redesigned, compact versions of itsinternational editions with closer ties between the print and onlinecontent; and the Oct. 11 announcement of innovative, new design andcontent changes for the Journal in the U.S., including reformattingthe paper to a narrower, more industry-standard broadsheet in January2007.

All three initiatives are focused on further enhancing content andfurther improving convenience for the Journal's affluent andinfluential global readership.

Dow Jones & Company Chairman and Chief Executive Officer Peter R.Kann today described all of the initiatives, particularly two majorlaunches within the space of just one month, as unique in thepublishing industry.

"These are all bold initiatives that will extend and evolve theentire Wall Street Journal brand both domestically andinternationally, and in each case it has been our audience that hasgiven us permission to grow the brand in these innovative ways. In thecase of Weekend Edition, our readers encouraged us for years to moveinto the weekend. In the case of the international editions, thehighly mobile lifestyle of an audience dominated by internationalbusiness leaders led to the logic of more convenient compact formatsand closer online integration. And, the exciting changes announcedOct. 11 to improve Journal navigation and content, the stronger linksto the Online Journal, and the more convenient page size all will makeaccessing the Journal faster and even more convenient for ourreaders," Mr. Kann said.

The Weekend Edition Is a Hit with Readers and Advertisers

The Weekend Edition of the Journal launched in mid-September toroughly 1.75 million circulation in the U.S. as a direct response toreader demands for a sixth day of the Journal's authoritative businessnews and commentary, combined with the equally respected "Business ofLife" franchise that provides news and information relevant toreaders' personal lives.

The first national reader survey of the month-old product showsthat Weekend Edition is an unqualified hit with readers. The studyfinds that 96% of subscribers who received it read the premiere issueof Weekend Edition, with nearly nine out of 10 subscribers saying theyread all three sections of the paper--and 61% having read it beforenoon on Saturday. These findings validate the Journal's long-heldbelief that Weekend Edition, which is the only national newspaperdelivered early on Saturday morning, enables advertisers to reach theJournal's highly affluent audience regardless of the section in whichtheir ad appears and before subscribers make decisions on how to spendtheir time and money on the weekend.

"The study's results validate what focus groups of our readershave consistently told us--that they wanted a sixth day of the Journalwith its strong combination of business news and 'Business of Life'content," said Karen Elliott House, senior vice president, Dow Jones &Company, and publisher, The Wall Street Journal. "Our readers have foryears asked us to expand into weekends and we have done so, deliveringthe same high-quality news and features that we provide Monday throughFriday, and providing a prime opportunity for Journal advertisers toaccess our coveted subscribers at home and in a very different,relaxed mindset."

Additional highlights of the first Wall Street Journal WeekendEdition Instant Feedback survey include:

-- On average, subscribers spent 58 minutes reading Weekend Edition--an extremely long period of reader engagement by industry standards.

-- Four out of five subscribers feel that Weekend Edition will help them make more informed purchasing decisions.

-- Ninety-five percent (95%) of subscribers rated the layout/design as Excellent/Good.

-- Ninety-four percent (94%) rated the quality of the content as Excellent/Good, with half rating it as excellent.

-- Sixty-one percent (61%) shared their copy with someone else, most frequently a spouse.

International Editions Move to Compact to Better Serve HighlyMobile International Business Audience and Advertisers Who Want toReach Them

Today, the international editions of the Journal--The Wall StreetJournal Europe and The Wall Street Journal Asia--relaunched in acompact format, with a new focus on integrating the newspaper withelectronic news delivery at The Wall Street Journal Online. The moveto compact will capitalize on a format that is rapidly becomingpopular with many readers and advertisers throughout the world, andwill feature many more visual cues and pointers, helping readers findadditional or related news and features at the OnlineJournal--providing additional value to both readers and advertisers.Research has shown that by year's end, nearly 40% of the world's dailynewspapers will be printed in compact format, up from less thanone-third two years ago.

"We're maintaining our leadership position among global publishersby innovating to provide our readers with our unique business news andinsight any time, anywhere they want it--in either in print oronline," said Penelope Muse Abernathy, senior vice president,international and development, The Wall Street Journal. "Initialresponse from both readers and advertisers indicates that botheditions will enjoy great success among both these target groups."

Internationally distinguished newspaper designer Mario Garcia, wholed the redesign of the international editions, said, "With today'sconversion of The Wall Street Journal's international editions to'compact' format, both readers and advertisers will get the best ofthe print and online worlds. Of the 500 papers I have designed overthe past four decades, these international editions are the mostgroundbreaking: They are truly integrated print/online publicationsdesigned to provide unsurpassed news and insight, 24 hours a day,seven days a week."

"The new, integrated print and online format will bring moreflexibility and greater options to advertisers," said John McMenamin,managing director, Dow Jones International Marketing Services. "We'reoffering front-page positions in the international editions for thefirst time, as well as seamless advertising opportunities across theprint and online editions; increased color positions; destinationpages; and greater page dominance through the upsizing of existing adpositions. We're at the head of the pack from the start as we alreadyhave the highest profile, most affluent audience of our peer group,but we expect to offer advertisers an even more efficient reach of theC-suite through the launch of these new initiatives."

U.S. Journal Plans Enhanced Content, Design with Narrower Pages

On Oct. 11, Dow Jones announced that the U.S. Journal will make anumber of innovative design and content changes to better servereaders and attract new ones. These improvements will includenarrowing the size of the current broadsheet to a more convenient andmore industry-standard width. It also will involve changes to theJournal's organization, navigation and content, including closer tiesto The Wall Street Journal Online at WSJ.com that will make accessingJournal content faster and more convenient for readers.

Paul E. Steiger, managing editor of The Wall Street Journal, saidof the changes, "Our goal is to serve readers even better with a moreconvenient format and page size, better signposts to guide readers toarticles they care about most, more useful grouping of stories withfar fewer jumps to additional pages, less space devoted to basicmarket statistics and more to value-added statistical analysis, morelinkages to online content, and, most important of all, an evengreater proportion of unique coverage than today, with even moreexclusive news and analysis of trends and developments that mattermost to our readers."

About The Wall Street Journal

The Wall Street Journal, the flagship publication of Dow Jones &Company (NYSE: DJ; www.dowjones.com), is the world's leading businesspublication. Founded in 1889, The Wall Street Journal has a print andonline circulation of nearly 2.1 million, reaching the nation's topbusiness and political leaders, as well as investors across thecountry. Holding 31 Pulitzer Prizes for outstanding journalism, theJournal seeks to help its readers succeed by providing essential andrelevant information, presented fairly and accurately, from adependable and trusted source. The Wall Street Journal print franchisehas nearly 600 journalists world-wide, part of the Dow Jones networkof nearly 1,800 business and financial news staff. Other publicationsthat are part of The Wall Street Journal franchise, with totalcirculation of 2.7 million, include The Wall Street Journal Asia, TheWall Street Journal Europe and The Wall Street Journal Online atWSJ.com, the largest paid subscription news site on the Web. In 2005,the Journal was ranked No. 1 in BtoB's Media Power 50 for the sixthconsecutive year.

About The Wall Street Journal Europe

Founded in 1983 and based in Brussels, The Wall Street JournalEurope forms part of the world's leading business news franchise,which also includes The Wall Street Journal, The Wall Street JournalAsia and The Wall Street Journal Online at WSJ.com, the largest paidsubscription news site on the Web. Together, these publications have apaid circulation of 2.7 million, providing business leaders around theworld with unsurpassed coverage of global business news, edited from alocal perspective - and hold 31 Pulitzer Prizes for outstandingjournalism.

Published by Dow Jones & Company, The Wall Street Journal Europedraws on nearly 1,800 news staff, the largest network of business andfinancial news staff in the world, including more than 350 in Europe,the Middle East and Africa, working from 43 bureaus and serving 34cities across the region.

According to the European Business Readership Survey (EBRS) 2004,The Wall Street Journal Europe has a higher concentration of seniormanagement and high income earners than any international daily orweekly in its field. It is the only pan-European publication to haverecorded double digit growth on both EMS 2005 and Europe 2005 over thepast year.

The newspaper won seven awards in the World Leadership Forum's2005 Business Journalist of the Year Awards, more than any otherpublication, and was named Best Global Business Media by internationalresearch institute Media Tenor last year.

On Oct. 17, 2005, The Wall Street Journal Europe changed to acompact format as part of a new, integrated print and onlinebusiness-information solution. In addition to online, its content isavailable through a variety of formats, including mobile telephones,BlackBerry devices, MP3 players and in WiFi areas.

About The Wall Street Journal Asia

The Wall Street Journal Asia is the leader in global business newsfor Asia. Since 1976, it has provided indispensable news and analysisof regional and global business developments for an influentialpan-Asian audience of corporate and government decision-makers. TheWall Street Journal Asia has been voted Asia's most "importantbusiness reading" in every ABRS study since the survey's inception in1985.

It won a Pulitzer Prize in 2001 and was awarded the Society ofPublishers in Asia (SOPA) award for "Excellence in Newspapers--EnglishLanguage" in 2001, 2002 and 2003. In 2004, it won the top SOPA awardsin the "Excellence in Reporting," "Excellence in Feature Writing,""Excellence in Business Reporting" and "Excellence in Opinion Writing"categories.

Edited and published in Hong Kong, The Wall Street Journal Asia isprinted in nine Asian cities-Bangkok, Hong Kong, Jakarta, KualaLumpur, Manila, Seoul, Singapore, Taipei and Tokyo-and distributedthroughout the Asia Pacific region. More than 75% of its subscribersare Asian.

The Wall Street Journal Asia replaced its existing broadsheet witha compact format from Oct. 17, 2005.

About The Wall Street Journal Online

The Wall Street Journal Online at WSJ.com, published by Dow Jones& Company (NYSE: DJ; www.dowjones.com), is the largest paidsubscription news site on the Web. Launched in 1996, the OnlineJournal continues to attract quality subscribers that are at the topof their industries, with 744,000 subscribers world-wide as of Q2,2005.

The Online Journal provides in-depth business news and financialinformation 24 hours a day, seven days a week, with insight andanalysis, including breaking business and technology news and analysisfrom around the world. It draws on the Dow Jones network of nearly1,800 business and financial news staff--the largest network ofbusiness and financial journalists in the world. The Online Journalalso features exclusive content, including interactive graphics onbusiness and world news, and online-only columns about the automotiveindustry, technology, personal finance and more.

The Online Journal offers two industry-specific editions: theaward-winning Health Industry Edition and the Media & MarketingEdition. The Health Industry Edition offers authoritative analysis,breaking news and commentary from top industry journalists. The Media& Marketing Edition is designed for professionals in the advertising,marketing, entertainment and media industries. Subscribers to bothonline editions also get access to the full content of the OnlineJournal.

In 2005, the Online Journal was awarded a Codie Award for BestOnline News Service for the second consecutive year, and its HealthIndustry Edition was awarded Best Online Science or Technology Servicefor the third consecutive year. In 2004, the Online Journal receivedan EPpy Award for Best Internet Business Service over 1 millionmonthly visitors.

The Wall Street Journal Online network includes CareerJournal.com,OpinionJournal.com, StartupJournal.com, RealEstateJournal.com andCollegeJournal.com.