- News Corp. (NWS, NWSA) is launching a big reorganization at its Dow Jones unit which will result in jobs cut and bureaus closed at The Wall Street Journal, as well as change in investment to focus on digital media.
- A few dozen positions are being cut today, but in coming weeks cuts could be well over 100. Along with bureau closures in Europe and Asia, the company will close the New York economics team and the small-business coverage group as well as reducing personal finance coverage.
- Meanwhile, it intends to hire up in areas like mobile, interactive graphics and data journalism, as part of an effort to refocus what had been some extensive operations.
- On the move: NWS +1.9%; NWSA +2%.
- Previously: News Corp. initiates cash dividend, extends poison pill to 2018 (Jun. 18 2015)