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DOW JONES UNION OVERWHELMINGLY REJECTS PROPOSED CONTRACT

For information: IAPE organizer Tim Martell, 609-799-1520, or www.iape1096.org
January 16, 2003

NEW YORK -- By an overwhelming majority, employees of Dow Jones, which publishes The Wall Street Journal, Barron's and other publications, have rejected a proposal for a new three-year contract that would have slashed health benefits. The proposed contract also included a wage increase that failed to keep pace even with the small current rate of inflation.

The vote marked the first time in the history of the Independent Association of Publishers' Employees, Dow Jones's primary union, that members voted to repudiate a contract proposal. The union includes not only Wall Street Journal and Barron's reporters but also a wide variety of other Dow Jones employees.

The union sent out 1,583 ballots in all, and 1,017 valid ballots were cast. That is a turnout of 64%, the highest turnout in memory for a Dow Jones union vote. Of those voting, 850, or 83.6%, rejected the proposal. The vote to reject represents not only a majority of those voting but also a majority of all members eligible to vote.

Dow Jones has said it is ready to meet its legal obligation to continue bargaining in good faith with union representatives. Union members say they now look forward to making speedy and substantial progress on a fair contract as soon as possible.

"This vote should make it clear to Dow Jones management that we are serious about getting a contract that properly rewards us for the work we do, and gives us the health care coverage we deserve," said Tom Lauricella, IAPE's newsroom director.

The Independent Association of Publishers' Employees, Local 1096 of the Communications Workers of America, represents about 1,900 employees of Dow Jones & Co. and Factiva, a joint venture between Dow Jones and Reuters.