The Wall Street Journal is chopping down sections and eliminating positions
Source: Business Insider
The Wall Street Journal is changing the formatting of its print edition, combining sections and reducing "the size of some coverage areas," The Journal itself reported Wednesday.
The Journal will cut some of its coverage of arts, culture, and local news, but will have "about the same amount of space" for business and finance.
There will also be the "elimination of some positions." The Journal has offered buyouts to everyone, but if that doesn't get it far enough, there will likely be layoffs. A memo leaked to Business Insider in October said The Journal was offering 1.5 times regular severance to those who take the buyout.
The Journal attributed the restructuring to a decline in print advertising. The Journal has recently been around 30% off budget, according to Politico, which cited a source briefed on the company's finanicals. The decline in advertising has been dramatic. Will Lewis, CEO of Dow Jones, the parent of the Journal, said that while advertising was still the "dominant" source of income until last year, it is now a mere third of company revenue, Politico reports.
Read more: http://www.businessinsider.com/wall-street-journal-restructuring-2016-11
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