WESTWOOD ONE AND DOW JONES & COMPANY
EXPAND BUSINESS PARTNERSHIP

Westwood One Will Now Provide Advertising Representation
for The Wall Street Journal Radio Network

NEW YORK (Sept. 21, 2005) - Dow Jones & Company, Inc. (NYSE: DJ) and Westwood One (NYSE:WON) announced today an extension of their current marketing alliance to include advertising representation for all Dow Jones radio programming. Since 1999, Westwood One has distributed and marketed the MarketWatch Radio Network, part of Dow Jones’ recently acquired MarketWatch subsidiary. Under the new agreement Westwood will provide advertising representation for The Wall Street Journal Radio Network whose programs include The Wall Street Journal Report, Dow Jones Money Report, The Wall Street Journal This Morning and The Wall Street Journal This Weekend. The combined Dow Jones radio programs air on more than 453 affiliates, covering 99% of the United States, with a total weekly audience of over 19 million people.

“The Wall Street Journal and MarketWatch radio networks are the leading brands in providing business news for radio stations across the country,” said Todd Larsen, president, Consumer Electronic Publishing, Dow Jones & Company. “Westwood One has done a terrific job over the past several years building the MarketWatch Radio Network into a strong radio platform and we are delighted to expand this partnership with them. By putting the strength of both The Wall Street Journal and MarketWatch brands together under one sales force, we can now offer radio advertisers a tremendous audience associated with great business content.”

“For the first time ever, advertisers will have the ability to access the American business consumer on-the-go across a platform of hundreds of the top all-news and news-talk radio stations, in all the top markets,” said Peter Kosann, Westwood One Co-COO. “This radio platform will offer phenomenal advertiser benefits-a clutter-free environment, tremendous demographics, and multiple affiliates in every top market.”

About Dow Jones & Company
In addition to The Wall Street Journal and its international and online editions, Dow Jones & Company (NYSE: DJ; www.dowjones.com) publishes Barron’s and the Far Eastern Economic Review, Dow Jones Newswires, Dow Jones Indexes, MarketWatch, and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group of Factiva, with Hearst of SmartMoney and with NBC Universal of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and operates The Wall Street Journal Radio Network in the U.S.

About Westwood One
Westwood One (NYSE: WON) provides over 150 news, sports, music, talk, entertainment programs, features, live events and 24/7 formats. Through its subsidiaries, Metro Networks/Shadow Broadcast Services, Westwood One provides local content to the radio and TV industries including news, sports, weather, traffic, video news services and other information. SmartRoute Systems manages traffic information centers for state and local departments of transportation, and markets traffic and travel content to wireless, Internet, in-vehicle navigation systems and voice portal customers. Westwood One serves more than 5,000 radio stations. Westwood One is managed by Infinity Broadcasting Corporation.

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