The Wall Street Journal is chopping down sections and eliminating positions
The Journal will cut some of its coverage of arts, culture, and local news, but will have "about the same amount of space" for business and finance. There will also be the "elimination of some positions." The Journal has offered buyouts to everyone, but if that doesn't get it far enough, there will likely be layoffs.
The Journal attributed the restructuring to a decline in print advertising. The Journal has recently around 30% off budget, according to Politico.
"All newspapers face structural challenges and we must move to create a print edition that can stand on a sound financial footing for the foreseeable future while our digital horizons continue to expand," Editor-in-Chief Gerard Baker wrote in the memo to staff.
The Journal is not the only newspaper feeling squeezed by print ad revenue. The New York Times reported a 19% decline in print ad revenue Wednesday, and newspaper heavyweights Gannett (15%) and Tronc (13%) also saw dips.
"I want to stress that these changes and their ramifications for the newsroom are necessary not just because we must adjust to changing conditions in the print advertising business, but because we know from audience research that readers want a more digestible newspaper," Baker wrote in the memo.
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