Dow Jones, the media firm owned by Rupert Murdoch’s News Corp, says it plans to cut some jobs as it merges its newswire and Wall Street Journal teams.
“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, the editor-in-chief of Dow Jones, said in a staff memo, according to Bloomberg.
The media firm plans to unify the newsrooms of the Wall Street Journal and Dow Jones Newswires, and has been offering staff early retirement packages as a way to reduce its headcount.
“As the end of the fiscal year approaches, as is usual practice, some of our colleagues are taking buyout packages,” Baker said in his memo, cited by Bloomberg.
It is not known how many of the 2,000 staff at Dow Jones and the Wall Street Journal could lose their jobs under the plan to merge their editorial teams.
News Corp is in the process of splitting in two, following the phone-hacking scandal that rocked Murdoch’s media empire to the core.
Dow Jones will be part of News Corp’s publishing spin-off, a new parent company that will also include book publisher HarperCollins and several British and Australian publications.
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