Wall Street Journal Offers Buyout Option to All News Employees
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.