Carolyn Wall named President of WBIS+.

NEW YORK--(BUSINESS WIRE)--May 28, 1996--Carolyn Wall, president and chief executive of Cowles Business Media and former vice president and general manager of Fox 5-WNYW, has been named president of WBIS+, the new 24-hour financial, sports and entertainment television station owned by ITT Corporation and Dow Jones & Company. Ms. Wall will report to the board of directors of WBIS+.

The Federal Communications Commission on May 17 approved the purchase of the former WNYC-TV Channel 31 by the Dow Jones/ITT partnership. The transaction is expected to close by the end of June.

"Working closely with the partners, Carolyn Wall's proven expertise in the media and her knowledge of the New York television market -- the largest in the U.S. -- guarantees high quality programming and will provide the additional management direction for WBIS+," said Rand V. Araskog, chairman and chief executive of ITT.

"We're delighted to have someone of Carolyn Wall's experience and stature heading up WBIS+," said Peter R. Kann, chairman and chief executive officer of Dow Jones. "Her appointment signifies our commitment to providing the best in business and sports programming to the metropolitan New York area."

Ms. Wall has been president and chief executive of Cowles Business Media since February 1, 1995. Cowles Business Media is an operating unit of Cowles Media Company, a newspaper, magazine, book publishing and information services company headquartered in Minneapolis.

Prior to joining Cowles, Ms. Wall was a director of News America Holdings Inc. and executive vice president of corporate development and sales of News America, both subsidiaries of News Corporation, which includes TV Guide, HarperCollins' book publishing, the Fox Broadcasting Company, several owned and operated television stations, Twentieth Century Fox and Twentieth Television.

Ms. Wall was also a vice president and general manager of Fox 5-WNYW in New York City, where she conceived the highly successful "Good Day New York."

Ms. Wall joined WNYW from Murdoch Magazines, where she was executive vice president with operating responsibility for consumer and business publications covering the travel and aviation industries. She joined Murdoch Magazines in 1984 and was named publisher of New York magazine later that year.

Prior to this position, she was vice president and publisher of AdWeek, a national advertising and trade publication.

Ms. Wall has been a board member of the New York Urban League, and is a founding board member of the Foundation for Minority Interests in Media, Inc. and the foundation's "Media Partners in Progress" program devoted to helping identify and train minority men and women for career opportunities in the communications industry.

She has served as chairperson of the Advisory Panel to the Congressional Caucus on Women's Issues and is a past president of Advertising Women of New York (AWNY). In 1990 she was awarded the prestigious Donald H. McGannon Award for her contribution to the advancement of women and minorities in the media.

Ms. Wall is a graduate of Trinity College in Washington, D.C.

The goal of the Dow Jones/ITT partnership with WBIS+ is to create a pre-eminent New York City television station offering the best in professional and college sports and other entertainment events and financial and business information in an exciting and different manner.

Planned programming for WBIS+ includes business news from financial centers throughout the world during daytime hours and sports events and other sports and entertainment programs during evening prime time hours and weekends.

Dow Jones & Company, Inc. publishes the Wall Street Journal and its international editions, Barron's magazine and other periodicals, electronic business information services and the Ottaway group of community newspaper.

Electronic information services include Dow Jones Telerate, a provider of real-time financial information to the international business community; Dow Jones News Service and other business newswires; and Business Information Services, which provides business information to corporations and consumers by computer, telephone, facsimile and radio. Dow Jones also provides business television programming internationally and video news delivered to desktop computers.

ITT Corporation, with 1995 pro forma sales of approximately $6.5 billion is comprised of ITT Sheraton; Caesars World; a partnership in Madison Square Garden, with the New York Knicks and the New York Rangers, MSG Network and the 5800 seat Theater at Madison Square Garden; ITT Information Services; and ITT Educational Services.

CONTACT: Dow Jones & Company, Inc.

Roger May, 212/416-2601

or

ITT Corporation

James P. Gallagher, 212/258-1261