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NYT New York Times Co

43.01
-1.06 (-2.41%)
Last Updated: 19:23:42
Delayed by 15 minutes
Share Name Share Symbol Market Type
New York Times Co NYSE:NYT NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -1.06 -2.41% 43.01 44.215 42.88 44.17 954,449 19:23:42

Dow Jones Plans WSJ Review

19/10/2016 9:00pm

Dow Jones News


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Dow Jones & Co. on Wednesday announced a broad review of operations at The Wall Street Journal, driven by a significant decline in print advertising.

Dow Jones Chief Executive William Lewis said the review, dubbed WSJ2020, will 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.

"These are challenging times. I thank you in advance for your patience and understanding as we set about the difficult task of continuing to build our digital future while responding to the decline in traditional advertising," Mr. Lewis said in a memo to staff.

The review could include a reduction of head count, according to people familiar with the matter.

The announcement comes a day after executives from Dow Jones, a unit of News Corp, informed representatives from the union that represents a large portion of the company's staff that it is preparing to restructure operations amid volatility in the ad market.

Mr. Lewis said in the note Wednesday that the review would focus on three key areas: the newsroom, advertising sales and areas where the company can be more efficient. A full action plan is expected to be shared with the Journal's staff in January, he said.

The transformation will be "underpinned by a series of cost management initiatives," and include "rationalizing print with the goal of reshaping the newspaper to be more concise and digestible," Mr. Lewis wrote. The advertising department will need to innovate and include more creative ads and mobile products, while the chief financial officer will be tasked with keeping a "tight grip on costs."

Dow Jones has been exploring a range of options to reduce costs, including possibly combining or eliminating sections within the Journal, cutting the number of newspaper pages and closing or reducing noncore projects, the people said.

A spokeswoman for Dow Jones declined to comment.

The volatility isn't unique to the Journal. The New York Times earlier this year announced a similar review, called the 2020 Report, to chart a path forward as readers move online and increasingly onto mobile platforms. The paper has said it is planning a downsizing of staff and the shifting of resources within the newsroom to more digital roles by early next year.

Mr. Lewis said the review at Dow Jones comes as the shift of readers and advertisers to digital has accelerated, with the paper crossing the one million digital subscriber mark for the first time.

He said digital subscribers were expected to outnumber the Journal's print subscribers at some point in the current fiscal year, which ends June 30. The memo also noted that circulation revenue overtook advertising revenue in the past fiscal year.

Write to Lukas I. Alpert at lukas.alpert@wsj.com

 

(END) Dow Jones Newswires

October 19, 2016 15:45 ET (19:45 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

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