(AP) Dow Jones & Co., publisher of The Wall Street Journal and other financial publications, is making further cost reductions that may result in jobs being lost, a company spokesman said Monday.
Dow Jones spokesman Steven Goldstein said there was no company-wide target for jobs reductions, and that the total number of jobs lost could be fewer than 100, or about 1% of the company’s work force of 8,100. Goldstein said it was likely that most positions would be reduced through attrition.
Goldstein said that the different business units of Dow Jones were given various targets for cost controls but no mandate for how to achieve them. He declined to be more specific about the targets or say what the overall goal for costs savings was.
The Wall Street Journal, the biggest business at Dow Jones, has been badly hurt by an advertising slump that is affecting all media. The paper relied heavily on technology and financial advertising, two areas that were especially hard hit.
In addition to the Journal, Dow Jones also publishes Dow Jones Newswires, Barron’s, and numerous stock market indicators, including the Dow Jones industrial average. It also publishes SmartMoney magazine, a joint project with Hearst.