The New York Times reports that editors at Dow Jones (DJ) are worried that they will lose their jobs if News Corp (NWS) or some other rich parent does not buy the company. Falling advertising revenue might force an independent Dow Jones to cut costs. The sight of the gallows focuses the mind.
The writes and editors at The Wall Street Journal now face the prospects of living under the tyranny of Rupert Murdoch or working in an environment where Dow Jones has to deal with falling print revenue. To stay profitable, the company would probably have to bring down costs. Much of the company’s cost base is in its editorial operations. The Journal currently has 760 editorial employees.
Although Murdoch will probably end up owning that company, the Dow Jones editorial staff could take the approach that workers have taken in the airline and auto industries. They could agree to simply work for less money in exchange for holding jobs. It is a time honored tradition and one that may come to the newspaper business.
Douglas A. McIntyre can be reached at [email protected].
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