OLD Media Moves

Dow Jones CEO says no layoffs coming

December 12, 2006

Dow Jones CEO Richard Zannino spoke at a town hall meeting at the company on Monday, and one of his statements should be heartening to its business journalists: There will be no layoffs.

Richard ZanninoTheStreet.com’s Nat Worden wrote, “Zannino told employees at the meeting that the company has begun reinvesting in its staff at levels ‘well north of what other newspaper companies have done.’ He also said the company has no plans to cut staff at this time.

“He also said Dow Jones has no intention of going private, and he pointed out that despite the widespread struggles in the industry, the company is still posting double-digit earnings growth while roughly 70% of its revenue comes from print publishing businesses.

“In an effort to diversify from print, Zannino said, the company is ‘going to look for acquisition targets to put more gas in the tank, so to speak.'”

Read more here. Zannino said he liked what NBC had been doing on the Internet, but said The New York Times was falling behind on the Web.Â

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