Jennifer Saba of Reuters profiles new Dow Jones & Co. CEO Lex Fenwick, who is changing how the parent company of The Wall Street Journal and Barron’s operates.
Saba writes, “Fenwick has been called a master salesman and business builder whose hard-charging style often runs roughshod over colleagues and subordinates. His makeover of Dow Jones comes at a crucial time for Rupert Murdoch’s media empire as News Corp prepares to split off its global publishing assets from its entertainment businesses.
“Murdoch needs Fenwick’s shock treatment to succeed so that Dow Jones, with about $2 billion in annual revenue, can be the growth engine for the new publishing company, analysts said.
“Most of News Corp’s newspapers are grappling with industry-wide problems of declining readership and print advertising sales, plus the fallout from the hacking scandal at its British publications. One bright spot is Dow Jones’ Wall Street Journal, the top U.S. newspaper by circulation, which also boasts one of publishing’s most successful digital strategies.
“For Dow Jones, Fenwick’s arrival in February has been more of a jolt than when News Corp bought the company in 2007. The executives Murdoch brought in, including seasoned newspaperman Les Hinton as CEO, were seen as evolutionary and, mostly, respectful of colleagues.”
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