ESPN to acquire majority interest in SportsTicker; Dow Jones and ESPN also to develop cooperative sports business news reporting opportunities.

NEW YORK--(BUSINESS WIRE)--Nov. 7, 1994--Dow Jones & Company, Inc. and ESPN, Inc. said they have reached an agreement for ESPN to acquire an 80% interest in SportsTicker, the 24-hour, real-time sports news and information unit of Dow Jones.

Dow Jones will retain a 20% interest in SportsTicker and continue to contribute its expertise in real-time sports news programming.

The Jersey City, N.J.-based SportsTicker delivers text-based sports information, including instant scores, breaking sports news, columns, statistics, previews, recaps and features gathered by more than 700 event-site reporters worldwide. SportsTicker's customers include radio and television stations, broadcast and cable television networks, newspapers, on-line and wireless services, wire services and most professional sports teams. It also provides videotex, cabletext, audiotex, paging services and interactive media, and electronic publishing applications throughout the U.S., Canada, South America and Japan.

As part of the agreement, Dow Jones and ESPN plan to develop new opportunities to present business-of-sports TV programming. In addition, Dow Jones, publisher of the Wall Street Journal, and Capital Cities/ABC, Inc., parent company of ESPN, have agreed to explore possible areas of cooperation in business television.

The announcement was made today by Carl M. Valenti, senior vice president of Dow Jones, and Steven M. Bornstein, president and chief executive officer of ESPN.

"SportsTicker adds another dimension to ESPN's expanding news and information franchise," Bornstein said. "This acquisition demonstrates our commitment to provide the best and most up-to-date information in all phases of sports news reporting."

Valenti said, "This agreement will enable Dow Jones to devote more of its resources to its core businesses and at the same time opens the way for an expanded relationship between ESPN and Dow Jones."

SportsTicker services include in-depth coverage of Major League Baseball, NFL, NBA, NHL and other major professional sports, international sports news and weekly columns on the four major domestic sports, business and media. It also provides college, auto racing, golf, boxing, soccer, tennis and minor league roundups.

Peter Bavasi, president of SportsTicker since 1987, will continue to oversee the operations.

ESPN Inc. includes the following entities -- ESPN, ESPN2, ESPN International, ESPN Radio, ESPNET and ESPN Enterprises. It is a subsidiary of Capital Cities/ABC Inc., with the The Hearst Corp. holding a 20% interest.

SportsTicker is the successor to Western Union's original Baseball Ticker, established in 1909. Dow Jones is publisher of The Wall Street Journal, Barron's and other publications, electronic business news and information services, including Dow Jones Telerate, and community newspapers.

CONTACT: Dow Jones

             Roger May, 212/416-2601
                or
             ESPN
             Mike Soltys, 203/585-2242
             Beth Albert, 212/916-9241