The Wall Street Journal Offers Buyouts to News Employees
22 October 2016 - 6:40AM
Dow Jones News
The Wall Street Journal is making buyouts available to a
"substantial number of employees" as the news company reviews its
operations amid a continued slide in print advertising.
In an email to staff on Friday, the Journal's editor in chief,
Gerard Baker, said it is offering "enhanced" buyouts to all
newsroom employees "to limit the number of involuntary
layoffs."
"I regret of course the need for such a move, and I appreciate
deeply the dedication all of you continue to show through
challenging times," he said. "I'm confident this process is the
right one to set us on the right footing for renewed growth in the
years ahead."
The email to employees Friday didn't specify how many employees
the company hopes would take the offer. Staff have until the end of
the month to request a buyout.
A Dow Jones spokeswoman declined to comment further.
Dow Jones & Co., owner of The Journal and part of News Corp,
on Wednesday announced a review of its operations, driven by a
significant decline in print advertising.
Dow Jones Chief Executive William Lewis said the review, dubbed
WSJ2020, would seek to come up with an action plan for the next
three years and identify the best ways to rebalance revenue streams
as the news industry continues to undergo a tumultuous shift toward
digital and mobile, in particular.
Global spending on newspaper print ads is expected to decline
8.7% to $52.6 billion in 2016, according to estimates from GroupM,
the ad-buying firm owned by WPP PLC. The accelerating drop in print
advertising has forced many publishers to consider significant cost
cuts and changes to their print and digital products.
The Guardian and the U.K.'s Daily Mail recently eliminated jobs,
and the New York Times said further downsizing is expected in the
newsroom early next year.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
October 21, 2016 15:25 ET (19:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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