Wall Street Journal to End Turkish and German Editions

GERMAN PRESS AGENCY - DPA
WASHINGTON
Published 13.11.2014 14:01
Updated 13.11.2014 14:23
Wall Street Journal to End Turkish and German Editions

Rupert Murdoch's News Corp is shutting down its foreign editions of The Wall Street Journal in Germany and Turkey by year's end, the Journal reported on Wednesday.

Dow Jones, the NewsCorp subsidiary that made the announcement, said its Turkish-language newswire will also close down, but its German-language newswire will keep operating.

Dow Jones Chief Executive William Lewis said in a memo to staff that new digital and mobile product investments meant reductions were necessary in other areas.

"It will come as no surprise that in order to do even more, we must do fewer things that are not core to our business so that we can move faster in pursuit of our goals," Lewis is quoted as saying.

Also affected by the cuts are a radio broadcast unit, including MarketWatch Radio, which will shut down by the year's end. The MarketWatch website will still exist.

50-60 jobs will be cut in the move, the report said, quoting someone familiar with the situation.

Gerard Baker, editor in chief of The Wall Street Journal, said the company believed the best opportunity for rapid growth in the United States is expanding its digital and print circulation.

In September, News Corp posted lower revenue and income as advertising revenue fell sharply at its newspapers.

The company's sales shrank five per cent to 2.1 billion dollars in the third quarter, while profits shrank to 48 million dollars from 323 million dollars a year earlier.

The company marquee assets include The Wall Street Journal, The London Times and publisher Harper Collins.

Murdoch split the publishing division off from more profitable film and television units last summer. Those assets, now operating as 21st Century Fox, reported stronger than expected earnings in September, posting a profit of more than 1 billion dollars.

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