NEW YORK, Dec. 29, 2006 (PRIME NEWSWIRE) -- Dow Jones & Company announced today that it has sold its 23.5% interest in Economia to majority owner Verlagsgruppe Handelsblatt GmbH for EUR 15.25 million, or about $20 million.
Dow Jones expects to record a gain from the sale of this non-strategic asset in the low double-digit millions of dollars. Proceeds will be used to pay down debt and reduce interest expense. Available capital tax loss carry-forwards will offset federal capital gains taxes on the sale. Dow Jones expects the transaction to be minimally accretive in 2007.
Economia publishes newspapers in the Czech Republic and Slovakia. In 2006, Dow Jones expects to record approximately $1 million of pretax equity income from its share in the venture.
About Dow Jones & Company
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.
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