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.