An interesting end-of-week CEO-level announcement from Dow Jones and IAC ... They’re teaming up in a 50-50 joint venture to create a “community-driven” personal finance site based on content from various Dow Jones sites and technology/marketing from IAC’s Ask.com and LendingTree among others. Finance start-up vet Dave Kansas will be president of the venture, slated for a launch in the second half of 2007. No financial terms; DJ said its investment will dilute 2007 earnings by about 3 cents a share.
Not a lot of details about what it will be or how it fits in at the two companies; you would think DJ doesn’t need another finance brand. The major difference between this and DJ’s other premium and free sites appears to be a heavy emphasis on community, interactivity and social media tools/features. 
IAC CEO Barry Diller said in the release: “A personal finance service that combines social media with the credibility of leading editorial brands in an internet site driven by smart technology is a great idea and a natural extension of IAC’s strategy to serve consumers in sectors being transformed by the internet.” DJ CEO Rich Zannino mentioned combining the power of IAC’s marketing, distribution and
technology with “the credibility and relevance of Dow Jones’ brands, content and editorial expertise to create a place where consumers can learn, interact and make the most of their financial resources.”
We’ve learned the makeup of the JV’s board and it offers up some clues beginning with the inclusion of both CEOs:
—DJ: Zannino; Ann Sarnoff, president, Dow Jones Ventures; Gordon McLeod, president, DJ Online; Bill Grueskin, managing editor, WSJ Online.
—IAC: Diller; Shana Fisher, SVP-strategy & M&A; Michael Jackson, president, programming; Michael Harris.
On the DJ side, this is Sarnoff’s project. It will not fall under the consumer group headed by Gordon Crovitz but clearly has ties given that two key execs from that group are on the board.
—They probably couldn’t have found anyone with a better resume to head it up. Kansas is currently editor of the WSJ’s Money & Investing section; he joined TheStreet.com before it launched back in 1996 and served as everything but chief cook and bottlewasher with roles on the editorial and business side. He moved back to DJ as deputy editor of WSJ.com in 2001. The announcement describes him as “a key driver of the evolution of the Journal’s print-online franchise, including guiding development of blogs on deals and wealth and their counterparts in the print edition.”
We’ll be hearing—and writing—more about this to be sure.