By: (AP) Dow Jones & Co., publisher of The Wall Street Journal, will eliminate nearly 100 positions as it integrates the staff and operations from MarketWatch Inc., an online provider of financial news that the company just acquired.
Dow Jones said in a statement today that the merger would result in 97 jobs being cut, most of them from MarketWatch. About one quarter of the cuts will come from eliminating open positions, the company said.
Last fall New York-based Dow Jones agreed to acquire the San Francisco-based online news provider for about $500 million in cash, giving it an instant entry into the free-access world of online financial news. Dow Jones already has the largest paid subscription site on the Web, WSJ.com, which it intends to keep on a subscription model.
In addition to the Journal, Dow Jones also publishes Dow Jones Newswires, Barron's, several community newspapers, and a number of stock market indicators, including the Dow Jones industrial average.