Inside the Wall Street Journal: The History and the Power of Dow Jones & Company and America's Most Influential Newspaper

By Jerry M. Rosenberg | Go to book overview

CHAPTER 15
Covering Asia

We think the next twenty-five years belong to Asia--and we want to be there when it happens.

PETER KANN, first publisher of The Asian Wall Street Journal

A FEW YEARS BEFORE the Dow Jones News Service found its territory invaded by Reuters, Dow Jones had been thinking of extending its own operations to Europe. Ironically, they began by setting up a series of exploratory talks with Reuters.

At first it appeared that the two agencies could work out a joint venture to market Dow Jones news on the continent. Then, at a meeting in London in 1966, Reuters abruptly backed out. The reason became apparent not long after, when the European agency launched its bid for the American market.

By coincidence another wire service, United Press International, approached Dow Jones for a joint venture around this time. Warren Phillips, who was in charge of the negotiations, declined. UPI appeared to be having financial problems, and he was afraid it would become a weak sister to Dow Jones.

Phillips's next candidate was the Associated Press, and before long an agreement for a fifty-fifty venture was signed. The Associated Press would handle the business and sales aspects as well as the communications network, and Dow Jones would furnish the news. Thus was

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