- Layoffs are coming to The Wall Street Journal, according to two people familiar with the situation.
- They’re expected to impact a small number of people and come in response to a slowing ad market.
- It’s the latest example of layoffs that have swept through the media and marketing industries.
Layoffs are coming to The Wall Street Journal, according to two people familiar with the situation. Insider was unable to determine the scope, but one source said the cuts were expected to impact a small number of people and could extend beyond the Journal to other Dow Jones properties such as Barron’s and MarketWatch.
IAPE, the union that represents Dow Jones employees, said the layoffs appear to be global, with employees in offices outside the US including London and Barcelona getting invitations to layoff meetings.
Layoffs have been hitting media companies of all stripes as the advertising market has softened amid a general economic downturn. In all, 3,774 media jobs were lost in 2022, down 5% from the year before, according to outplacement and executive coaching firm Challenger, Gray & Christmas. In news alone, though, 1,808 jobs were cut in 2022, up 20% from 2021, according to the firm.
The news comes as the Journal has just appointed a new editor, Emma Tucker, from fellow News Corp. title The Sunday Times in London. At the time, the move stirred speculation that a bigger shakeup could follow and that it was related to a Rupert Murdoch plan to recombine Fox Corp. and News Corp. to better compete for advertising and cut costs.
Murdoch split his media empire into two companies in 2013, putting the publishing business under News Corp. and its TV and entertainment assets under 21st Century Fox. He sold much of the latter to Disney in 2019 while spinning off Fox News, Fox Sports, and the Fox broadcast network into a new company, Fox Corp.
Dow Jones last conducted layoffs in the first several months of 2022, impacting areas including media sales, web, and print production.