By: Lucia Moses Company Protests Press Ban
Dow Jones & Co. Inc. pulled out of this week's Donaldson, Lufkin & Jenrette media industry conference in New York after DLJ wouldn't lift its rule banning reporters from Dow Jones' presentation.
The conference, a gathering of members of the media industry and the investment community, is closed to the press. DLJ had agreed to let Wall Street Journal publisher Dow Jones admit reporters to its presentation, then reversed its decision, according to Dow Jones.
Dow Jones explained its decision in a letter to the investment community, saying it's in the best interest of its shareholders and investors to widely disclose its financial news. Instead, Dow Jones will release its presentation information during a conference call at 2:30 p.m. today.
DLJ had already ignited controversy by hosting its first media conference the same week as the well-established gathering put on by rival PaineWebber. Now in its 27th year, PaineWebber's meeting in New York has always been open to the press. DLJ media analyst William Drewry worked at PaineWebber until going to DLJ this year.
Several media biggies that attended the PaineWebber confab last year are at DLJ's this year. They include Gannett Co. Inc., Knight Ridder, and the Times Mirror Co.
Other DLJ participants had agreed to go along with the press ban, but at least two, the New York Times Co. and Washington Post Co., expressed concern about the ban and said they wouldn't attend future DLJ conferences under the same rule. Gannett Co. Inc., another DLJ participant, said press participation wasn't an issue but that it became concerned when it appeared as if the rules were changing for Dow Jones, a spokeswoman said.
Drewry and Susan Decker, head of equity research for DLJ, couldn't be reached for comment.
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Lucia Moses (luciam@mediainfo.com) is an associate editor at Editor & Publisher magazine.
(c) Copyright 1999, Editor & Publisher
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