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Lou Dobbs will return to CNN, beginning May 14, as anchor and managing editor of CNN's Moneyline News Hour and lead business news anchor for CNN/U.S. and CNNfn, which will be transformed later this year to CNN Money, it was announced today by Tom Johnson, chairman and CEO, and Philip I. Kent, president and COO, of the CNN News Group.

A founding member of CNN's financial news division, Dobbs is returning to the anchor chair he held for 19 years. Dobbs will contribute regular columns to CNNfn.com and in the near future will also anchor a new CNNfn program wrapping up the business day. In addition, Dobbs will contribute to the development of CNN Money, announced earlier this year as an expanded AOL Time Warner business news initiative that will be supported with added reach, content and promotion from Time Warner Cable, AOL and Time Inc. The cable channel and companion Internet site will be dedicated to helping everyday people assess their personal financial needs and make the most of their financial opportunities.

Moneyline News Hour, CNN's flagship business program, airs weekdays at 6:30 p.m.-7:30 p.m. (ET) on CNN/U.S. and CNNfn, and repeats nightly on CNN/U.S., CNNfn and CNN International.

"Lou Dobbs is, without question, the best business news journalist and anchor in television," said Johnson. "His return to our organization and to the unit that he played such an important role in building underscores CNN's commitment to pre-eminent national and international business news coverage."

"Lou is an icon in the financial news business and was the driving force behind CNN's financial news for 19 years," said Kent. "His return highlights the commitment that both CNN and AOL Time Warner have to being a leader in financial news at a time when insight and credibility are more important than ever in covering markets and the global economy."

"The men and women of CNN are in my view the best news team in the world, and counting myself among them has been the highlight of my professional career," said Dobbs. "I look forward to working with this great team again to further distinguish CNN's business news coverage on-air and online as the sharpest, most insightful and authoritative reporting available on the stories that are shaping our lives."

"This announcement further reinforces CNN's commitment to financial news and is another significant step forward in the evolution of CNNfn to CNN Money, which will debut later this year," said Ken Jautz, executive vice president and general manager of CNN Business News and CNNfn, who is overseeing development of CNN Money. "Lou is not only the premier business news anchor, but is also a tremendous innovator. We are thrilled that we will be able to draw on his talents, along with the combined resources of CNN and AOL Time Warner, as we take financial news to the next level." "Willow Bay has been the ultimate professional and team player in recent weeks, commuting from her West Coast home and family to work from Moneyline News Hour's New York studios," Kent continued. "Currently, we are engaged in positive, on-going conversations with Willow about her future role at CNN. We look forward to working together on upcoming series, specials and other high-profile reporting assignments from the West Coast that will maximize her role as one of CNN's signature journalists."

Dobbs joined CNN at its inception in 1980, and became anchor of Moneyline News Hour that year. During his 19-year tenure at CNN, Dobbs helped develop CNN financial news to the award-winning leader in television business journalism and was instrumental in making Moneyline News Hour the most prestigious business news program in history. Dobbs oversaw the launch of CNNfn in December 1995 and managed the network until June 1999. He left CNN 22 months ago to launch SPACE.com, the first multimedia company dedicated to space and space-related content, now producing the leading astronomy software and publishing the leading industry publication.

Dobbs has won nearly every major award for business journalism. He received the George Foster Peabody Award for his coverage of the 1987 stock market crash. In 1993, he was named "Father of the Year" by the National Father's Day Committee. In 1999, he received the Horatio Alger Association Award for Distinguished Americans and, in 2000, the National Space Club Media Award.

He graduated from Harvard University with a degree in economics. Dobbs serves on the boards of the Society of Professional Journalists Foundation, the Horatio Alger Association and the National Space Foundation. He is also a member of the Planetary Society, the Overseas Press Club, the American Economic Association and the National Academy of Television Arts & Sciences.

CNN, division of Turner Broadcasting System, Inc., an AOL Time Warner company, is one of the world's most respected and trusted sources for news and information. Its reach extends to 15 cable and satellite television networks; three private place-based networks; two radio networks; 15 Web sites, including CNN.com, the first major news and information Web site; CNN Mobile, which provides news and information to mobile devices; and CNN Newsource, the world's most extensively syndicated news service.