As has been noted, yesterday was a tough day for print journalism. The Atlanta Journal-Constitution eliminated almost 200 jobs or close to 8% of its workforce. Newsweek is losing its president and publisher and The Wall St. Journal cut all of its copy editors currently based in its New Jersey office. You don’t need us to tell you (again) that it’s not looking good out there. However, part way through Robert Thomson’s memo announcing the changes there was this little ray of unexpected light.
In recent months, we have invested in a significantly larger newshole, contrary to the industry trend, and filled long-vacant reporting positions in many bureaus. Our new budget includes an ambitious expansion of our web and international operations, both for the Journal and for Newswires, where we are adding 95 journalists over coming months. We also have secured a generous investment in a state-of-the-art editing and publishing system. There is good reason for optimism at Dow Jones amidst the pessimism prevailing in our industry.The WSJ is adding jobs. Who knew this was possible! Feel any better now about that extra fifty cents you’ll be coughing up?