Internet Entrepreneur & MySpace Founder Brad Greenspan Leads Investment Group Seeking to Take Non-Controlling Stake in Dow Jones Corp.

Jun 20, 2007, 01:00 ET from Brad Greenspan

    LOS ANGELES, June 20 /PRNewswire/ -- Internet Entrepreneur and MySpace
 Founder Brad Greenspan today announced that he is leading an investment
 group seeking to take a non-controlling stake in Dow Jones Corp. (NYSE:  
     On June 19, 2007, Mr. Greenspan's investment group ("Journal Investment
 Group" or "JI") delivered a letter to the Board of Directors of Dow Jones
 Corp. containing the following proposal:
     -- JI would commit to purchasing approximately 25% of outstanding Dow
        Jones common stock at a price of $60 per share.  The structure of the
        transaction would be similar in nature to a "Dutch Auction" in which
        all shareholders could choose to tender their shares at the $60 price.
        Shareholders would also have the right not to sell any of their shares.
        On a pro rata basis, JI would purchase shares from all shareholders
        tendering their shares until it had acquired an aggregate amount
        totaling $1.25 billion.
     -- Separately, JI would purchase $250 million in common stock from Dow
        Jones at a price of $60 per share.  This investment would provide the
        company with capital necessary to pursue the expansion of high growth
        opportunities in internet/digital/broadcasting areas.
     -- Two seats would be added to the Dow Jones Board of Directors to be
        filled by individuals of JI's choosing with specific expertise in
        internet/digital/broadcasting industries.
     The full proposal and a summary of the JI's strategic plan for
 enhancing shareholder value in Dow Jones Corp. can be viewed at
     "Our proposal to take a non-controlling stake in Dow Jones stands as an
 attractive alternative to the current options as a vehicle for maximizing
 shareholder value," said Mr. Greenspan. "Our proposal is based on our
 strong belief that significant shareholder value can be created by more
 effectively leveraging the brands and electronic media assets of Dow Jones.
 I have successfully built a number of Internet franchises, including
 MySpace, and in studying the assets of Dow Jones, I believe the potential
 exists to significantly enhance the company's presence and revenue streams
 in electronic media."
     The merits of the JI proposal include the following:
     -- Creates significant immediate value for current shareholders by
        providing a premium liquidity event at $60 per share
     -- Enables the Dow Jones and Wall Street Journal operations to remain
        independent from other media conglomerates
     -- Provides a capital infusion to enable Dow Jones to aggressively pursue
        the expansion of its electronic media revenue streams
     -- Contributes the expertise necessary to unlock the value in Dow Jones'
        digital assets
     -- Provides further opportunities for outsized shareholder returns as the
        new digital strategy is implemented
     "We believe our proposal is a great opportunity to put a solution
 together that can keep Dow Jones independent and able to firmly hold on to
 its culture of integrity and high quality reporting, while at the same time
 being beneficial to all of the company's stakeholders," said Mr. Greenspan.
 "We hope to engage in a dialogue with the Board of Directors in order to:
 1) get feedback on how we might evolve our proposal if necessary to meet
 all of the company's goals with respect to considering a strategic
 transaction; and 2) provide more detail on the strategic value that JI
 would provide as a partner and our ability to help the company maximize the
 value of its digital assets.
     "It is worth noting that my last effort to unlock shareholder value and
 provide an alternative transaction to shareholders was in September 2005
 when my investment group lost a bid to keep MySpace as an independent
 publicly traded company. If our bid had been accepted, we estimate that
 shareholders would have seen the value of their stock increase by more than
 40x within 18 months, instead of the $327 million cash out value they ended
 up receiving for their MySpace holdings. I believe we have similar value
 creating opportunities with our strategic investment in Dow Jones Corp.
     "Finally, as our goal is also to maximize the post-transaction value JI
 brings to Dow Jones Corp. we are open to considering participation by other
 interested strategic parties that can facilitate additional online or
 broadcast distribution," said Mr. Greenspan.
     Brad Greenspan is a Los Angeles-based Internet Entrepreneur and the
 founder of MySpace. Greenspan currently has majority stakes in privately
 held Live Universe, Inc. and BroadWebAsia, which in aggregate are composed
 of over 30 websites that reach approximately 75 million unique users each
 month across the U.S./Europe/Asia. More information can be found at
     Lasse Glassen
     Financial Relations Board
     (310) 854-8313

SOURCE Brad Greenspan