The headquarters of News Corp., owner of Dow Jones, in New York.
Photograph by Jin Lee — Bloomberg via Getty Images
By Reuters
October 21, 2016

News Corp’s The Wall Street Journal on Friday offered all of its news employees the option to take buyouts, according to a memo reviewed by Reuters.

“We are seeking a substantial number of employees to elect this benefit, but we reserve the right to reject a volunteer based on business considerations,” wrote Gerard Baker, the newspaper’s editor in chief.

A spokeswoman at Dow Jones (nws) declined to comment.

Earlier this week, Dow Jones & Co Chief Executive William Lewis announced a three-year plan to cut costs in response to a decline in print advertising. Dow Jones is the parent of The Wall Street Journal.

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The goal of the review, dubbed WSJ2020, is to modernize the newsroom and improve its mobile and professional information business products, Lewis wrote in a memo Wednesday outlining the plans.

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