NEW YORK, March 9, 2007 (PRIME NEWSWIRE) -- Dow Jones & Company (NYSE:DJ) and IAC (Nasdaq:IACI) today announced the formation of a joint venture to create a new personal finance Internet business targeting the broad Web-savvy audience.
The partnership will launch a community-driven Web site using the personal finance content of The Wall Street Journal, MarketWatch and other Dow Jones products and the marketing and technology expertise of IAC's businesses, including Ask.com and LendingTree.
"This venture combines the power of IAC marketing, distribution and technology with the credibility and relevance of Dow Jones' brands, content and editorial expertise to create a place where consumers can learn, interact and make the most of their financial resources," said Rich Zannino, CEO of Dow Jones. "The site will help consumers thrive as they progress in their careers and lives."
"People everywhere are looking for modern and easy-to-use tools to help them in their personal financial life. A personal finance service that combines social media with the credibility of leading editorial brands in an Internet site driven by smart technology is a great idea and a natural extension of IAC's strategy to serve consumers in sectors being transformed by the Internet," said Barry Diller, chairman and CEO of IAC.
Financial terms were not disclosed. Dow Jones said investment in the venture will dilute 2007 results by about three cents a share.
Dave Kansas will serve as president of the new venture. Now editor of The Wall Street Journal's Money & Investing section and formerly editor-in-chief of TheStreet.com, Mr. Kansas has more than a decade of online experience. He joined TheStreet.com before it was launched in 1996 and served in business and journalism roles, including executive vice president, chief strategic officer and board member.
Mr. Kansas returned to the Journal in 2001 (he'd been a Journal reporter between 1991 and 1996) to be deputy managing editor of WSJ.com and was named Money & Investing editor in 2003. He is a key driver of the evolution of the Journal's print-online franchise, including guiding development of blogs on deals and wealth and their counterparts in the print edition. He is a frequent commentator on television and radio and the author of two books on investing: "The Wall Street Journal Complete Money & Investing Guidebook" and "TheStreet.com Guide to Investing in the Internet Era."
About Dow Jones
Dow Jones & Company (NYSE:DJ) (www.dowjones.com) is a leading provider of global business news and information services. Its Consumer Media Group publishes The Wall Street Journal, Barron's, MarketWatch and the Far Eastern Economic Review. Its Enterprise Media Group includes Dow Jones Newswires, Factiva, Dow Jones Licensing Services, Dow Jones Indexes and Dow Jones Financial Information Services. Its Local Media Group operates community-based information franchises. Dow Jones provides news content to CNBC and radio stations in the U.S.
The Dow Jones & Company logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2636
About IAC
IAC is an interactive conglomerate operating more than 60 diversified brands in sectors being transformed by the Internet, online and offline... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To learn more about IAC please visit http://iac.com.