News Corp. (NWSA:US)’s Dow Jones & Co. is eliminating some jobs and extending buyout packages to employees as it unifies the newsrooms of the Wall Street Journal and Dow Jones Newswires.
“In the process of integrating our resources, we will be undertaking a limited restructuring around the world that will result in some consolidation of positions,” Gerard Baker, editor-in-chief of Dow Jones, said in a memo to employees. “And as the end of the fiscal year approaches, as is usual practice, some of our colleagues are taking buyout packages.”
Fewer than a dozen people have taken the buyout offers, said a person familiar with the matter, who asked not to be named because the deliberations are private. Dow Jones and the Wall Street Journal have about 2,000 employees combined, and Baker didn’t specify the number of positions that would be lost. Paula Keve, a spokeswoman for Dow Jones, declined to comment beyond the memo.
The company also completed its senior team for the new combined newsroom and appointed Adam Horvath as world editor, said Baker, who also serves as managing editor of the Wall Street Journal. The plan to integrate the two organizations, including reporters and editors, began earlier this year.
The changes come ahead of News Corp.’s planned split of its publishing group from the more lucrative entertainment business, set to take place on June 28. The News Corp. spinoff will include Dow Jones, the New York Post, the Sun and Times newspapers in the U.K., and Australian TV and newspaper businesses, as well as Amplify, a digital-education startup.
Baker also announced the addition of at least 12 new editorial positions to increase the Journal’s coverage of the technology industry, mergers and acquisitions, and central banks.
“This next phase of integration coincides with the launch of our new parent company,” Baker said in the memo. “It is a timely juxtaposition. The single, unified news organization we are creating at Dow Jones will contribute vitally to the success of the new News Corp.”
Bloomberg LP, the parent of Bloomberg News, competes with News Corp. in supplying financial news and information.
To contact the reporter on this story: Edmund Lee in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Turner at email@example.com