Wall Street Journal publisher Gordon Crovitz sent out the following e-mail to people at Dow Jones & Co. on Wednesday about the editorial changes announced earlier today by managing editor Marcus Brauchli.
Crovitz stated, “Marcus has created a structure that will accelerate the growth of the Journal in all its current forms–print, online, audio, video, in the U.S. and globally–and ensure that we are prepared to take advantage of technologies not yet invented.
“With this new organization for the Journal news department, we have completed the structure for the Consumer Media Group that began some 18 months ago when Rich Zannino reorganized the company into consumer-facing operating units. Marcus and his colleagues have full authority for Journal news in every medium, fully aligning the company’s flagship brand with our strategy: To be the world’s leading provider of high-quality branded business and financial news, information and services—indispensable and conveniently accessible for consumers—how, when and where they want it.
“A key theme of these changes is that the Journal will be structured to report the news 24/7, across print and online, reflecting the way our readers and consumers increasingly consume it. Bill Grueskin takes on the new role as leader of integrated news, delivering ‘what’s happening now’ news online as well as ‘what the news means’ in the print Journal, using each medium for what it does best for readers. As managing editor of the Wall Street Journal Online, Bill grew the site to nearly one million paid subscribers. Bill is a brilliant editor for the Digital Age, who truly understands how people engage with new media, with traditional media–and with both.
“We’re redoubling our efforts to fuel the growth of our online operations. Alan Murray will lead our online and other new media news efforts. Former Washington bureau chief, CNBC personality and columnist, Alan will bring his entrepreneurial energies to leading the best online news team in the industry. We also remain committed to serving our global community with a global approach. Dan Hertzberg will be based in Europe, bringing his great news judgment and unmatched experience to our coverage.
“Our journalism is now fully organized around brands and the readers they serve: Marcus is responsible for the Journal in all media and news forms just as Paul Gigot leads the Journal opinion team across print, online, television and other media. Dave Callaway keeps MarketWatch distinctive for its audience, and Ed Finn leads Barron’s across both news and business.
“For the first time, we’re now also fully integrated on the business side. Michael Rooney is off to a strong start as our first Chief Revenue Officer, this week leading almost 200 sales and marketing executives at a sales conference in Arizona that for the first time combines the print Journal, Dow Jones Online, Barron’s, international and integrated sales and marketing groups. We are now structured to deliver on our mission of delivering market-leading solutions to advertisers that leverage our 14 million engaged and influential consumers across brands and channels.
“Likewise, we have benefited enormously from the unified team led by Chief Marketing Officer Ann Marks focused on our consumers, from growing subscription sales of the Journal and Barron’s in print and online to marketing efforts such as the inspiring Journal brand advertising campaign. And our Chief Operating Officer, Todd Larsen, keeps all of us focused on delivering on our commitments even as we seek yet more growth initiatives.
“Having the right people in the right jobs will help us build on innovation and momentum for success. The relaunch of the print Journal, for example, has been a big success, with reader surveys showing it’s been very well received. The number of individual subscribers to the Journal is up 4.5% since the January redesign–bucking trends for newspapers. Our acquisition of eFinancial News is repositioning us in the large European market.
“The team is looking for new growth opportunities, from potential new Journal initiatives in both print and online to additional acquisitions further to position us as the leader in digital media serving a business audience.
“A few words about the importance of retaining focus now that the Bancroft family and our board of directors are considering alternatives to remaining independent: We’re much more accustomed to publishing the headlines than to being in them, but the great interest expressed in Dow Jones, the Journal and our other brands is a powerful reminder of how distinctive our journalism is in a media world of increased commoditization. In the meantime, every department has kept its focus on the job to be done, and I know this will continue.
“By now, we’re used to living in an era of change and uncertainty for established media brought on by new technology and an explosion of options for readers and advertisers. More than any other traditional media company, we have embraced change, not feared change. Whether we remain independent or become part of a larger company, we can be certain that building on our best traditions will ensure a bright future for our unique brands and the audience they serve.”
