Dow Jones Diversifies Business
Dow Jones recently announced plans for a major reorganization of its publishing operations, which will expand the content and significance of the Wall Street Journal online edition. The move finds Dow Jones catering to readers and advertisers who have become more invested in online media, following a year of significant revenue decline in the traditional newspaper industry.
Dow Jones will now be structured into three media units: consumer media, enterprise media, and community media. L. Gordon Crovitz, who was previously in charge of Dow Jones’ electronic publishing operation, will become executive president of Dow Jones and president of the Consumer Media Group. He will head the development of the newly integrated print and online editions of the flagship Wall Street Journal, as well as Barron’s, Marketwatch, and SmartMoney Magazine. The Enterprise Group, headed by Clare Hart, includes Dow Jones Newswires, Dow Jones Licensing Services, Dow Jones Indexes, Dow Jones Financial Information Services, Dow Jones Reprints and Permissions; and Factiva, a joint venture with Reuters. The Community Media Group, led by John Wilcox, includes the Dow Jones’s portfolio of 15 daily and 19 weekly Ottaway community newspaper properties in nine states.
The company expects the shift to result in $20 million savings a year, mostly the product of 20 major layoffs.
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Layoff Tracker
- AOL - 700
- Apple - 50
- Clear Channel - 2,800 total (1,000 currently)
- Google - 340
- IBM - more than 7,800
- Joost - about 90
- MySpace - in June, about 720
- World Avenue - 30 percent of workforce
- Yahoo - 2,220 total, about 700 currently
- Zango - closes, about 90, in addition to earlier layoffs
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