The Wall Street Journal Layoffs Memo
News Corp (NWS) subsidiary Dow Jones cut 14 from the Wall Street Journal today. Previously, reports had suggested 50 would be fired. Here's the memo from publisher Robert Thomson, obtained by MediaMemo:
It is obvious to you all that we are in the midst of an unprecedented economic downturn. We are also in the midst of an unprecedented increase in our readership, in print and online, but a precipitous decline in print advertising revenue has forced a close examination of our structures and of our costs.
Over the past couple of months, teams have been reorganized at The Wall Street Journal and we have lost 11 journalists through attrition. Unfortunately, it has been necessary today to restructure several other teams at the cost of an additional 14 positions. The number, while regrettable, has been kept to a minimum because department heads have been vigilant in controlling costs and in maximizing our use of existing resources.
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