Here is the letter that Dow Jones CEO William Lewis sent Friday night to the IAPE 1096 union that represents business journalists at The Wall Street Journal, MarketWatch.com and Barron’s.
Dear IAPE-represented colleagues,
Thank you for your letters, which I have spent time thinking about. I appreciate you making this effort to share your thoughts and concerns with me. I also want to thank you for the kind things you said about me.
Please be assured that the company’s bargaining team keeps me fully informed of all elements of the talks. Negotiations like these are complicated and tough, and the union is fighting hard on your behalf. But we have made good progress, particularly on the important issue of healthcare.
We do have a strong business plan at Dow Jones. Yet, we also face a number of serious business challenges that demand we keep a very close eye on costs as we build up emerging new revenue streams to make good the short fall from declining print advertising revenues.
The two teams will continue to talk to each agreement on pay. That said, a minimum increase such as that requested by the Union is unrealistic. It is simply not fiscally supportable in our current and challenged business environment.
Moreover, I am fully committed to encouraging a diverse environment at Dow Jones as well as properly compensating our best performers. The higher the amount of guaranteed increases the less flexibility we have as a company to address these critically important considerations.
Thank you again for taking the time to write to me. Please feel free to circulate this note to any colleagues who might find it helpful.
With kind regards,
