Aline van Duyn of The Financial Times writes Tuesday that Dow Jones & Co. CEO Richard Zannino intimated that job cuts may occur at The Wall Street Journal after the company is purchased by News Corp.
Van Duyn wrote, “In a letter to employees of Dow Jones, publisher of the Wall Street Journal, Mr Zannino said the main goal of News Corp’s $5bn acquisition was to ‘increase profits by strengthening and growing our products and brands, not by slashing costs’.
“Mr Zannino added that ‘there will be some changes’, and ‘where job cuts are unavoidable, we will communicate that as soon as practical’.
“The letter follows last week’s regulatory filings which begin a countdown to a shareholder vote on the merger.”
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