Dow Jones Writes Down Portion of Its Bridge Investment

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The following is taken from formal remarks made by Gerry Bailey, Dow Jones' CFO, at the time third quarter results were published.

As you know, part of the consideration for our sale of Telerate in 1998 was $150 million of Bridge-- redeemable, convertible preferred securities, which we do not regard as a core investment. The securities have a 4 percent dividend, payable in cash at maturity, which we had been accruing through the second quarter of this year, giving us a total carrying value of

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