The Wall Street Journal (WSJ) is a New York-based international daily newspaper. The Journal focuses on business and economics. The WSJ is the second-largest newspaper in the U.S. by circulation, having 3 million digital subscribers as of 2023. A few weeks later, more employees were laid off as part of the ongoing restructuring. It includes at least eight reporters. So, what is the reason behind WSJ layoffs? In the article, we will learn more about this.
In February 2024, the Journal laid off about 20 staff. It affected economics reporters working in Washington, D.C. The next month, the publication laid off five more people from its standards and ethics division. In April, the newspaper laid off at least 11 employees from its video and social media departments. In May, the Journal lost six editorial employees in Hong Kong and two reporter posts in Singapore.
DiscontinuedNews is impartial and independent, and every day, we create distinctive, world-class programs, news, and content that inform, educate and entertain millions of people worldwide.
WSJ makes major job cuts
On February 1, 2024, the Wall Street Journal axed its Washington bureau. It laid off about 20 employees in a restructuring that added to a terrible start to 2024 for the news business.
The cuts primarily affected the bureau’s economics reporters in Washington. These affected people were folded into the newspaper’s New York-based business unit. The bureau’s team handling U.S.-China news is dissolved.
In an email to staffers, Editor-in-Chief Emma Tucker stated that the Journal’s Washington Bureau will be concentrating on “politics, policy, defense, law, intelligence, and national security.” Tucker said laid-off employees will be able to apply for new roles created to replace the coverage.
Tucker stated, “It is vital that we have the right structure in Washington. Thus, we provide our readers with trustworthy, ambitious reporting in an election year and beyond.”
Tucker was appointed to the top position in 2022 at the famous business paper. After that, she made an effort to change the way the newspaper covers stories. It was once stated that he raised worries about the paper’s excessive editorship. She termed the writing in some of the articles “stiff and unappealing.”
In an interview with the New York Times in October 2023, she stated that some job losses may be on the way. But she also mentioned making recruits in audience planning and digital storytelling.
WSJ’s series of layoffs
WSJ had an increase in paid subscribers, excellent profitability at its parent business, and a new nine-figure licensing agreement with OpenAI. Despite this, the WSJ has laid off more of its journalists.
The International Association of Publishers’ Employees is the union serving the newsroom. It conducted an hour-long strike on May 30, 2024. They did this to protest the job layoffs. Employees put Post-it notes” disputing the move on the glass walls of Editor-in-Chief Emma Tucker’s office, whose idea for the paper has been criticized.
The newspaper has recently added some positions. However, the layoffs of at least eight reporters have come after double-digit staff cuts in Washington and overseas. Some have been laid off as well. However, the union tabulation only includes those who the locals represent. Tucker explained these modifications to employees in a note.
“Our Editor-in-Chief is restructuring our newsroom. It has an eye towards digital expansion, subscription growth, and high-quality journalism,” the spokesperson said in a written statement. “While we know change can be tough, it has to happen to ensure we have a proper structure in place to support our goals.”
Tucker stated in a presentation to investors that the paper’s reporting strives to start, participate in, and drive “the conversation.” This is to make it “feel real.” She classified what she dubbed her “coverage principles” into four categories: revelatory, timely, expert, and relatable.
Newsroom union disputes and Corporate agreements
The contract between the business and the newsroom union expired last summer. The union refused to extend it earlier this year. The two parties are bargaining over the extent of salary hikes and journalist protections around the usage of artificial intelligence at the newspaper.
Recently, OpenAI, the creator of ChatGPT, reached an agreement with News Corp. It grants OpenAI access to its publications’ content for the next five years. The Journal stated that the deal might be worth up to $250 million.
Earlier in May, News Corp. reported that its profitability increased modestly compared to the previous year. Dow Jones, The Journal’s corporate business, also reached 5 million paying digital subscribers for the first time.
According to Jodi Green, president of the local union that represents the newsroom,
“It’s very upsetting that the business continues to have layoffs when every quarter we are posting record profits.”
“We are still determining the reasoning behind a lot of it. Also, it’s upsetting to our members and morale across the newsroom and all of Dow Jones.”
“It doesn’t make sense to me why a few of the best journalists in our newsrooms are being let go,” she states.
Conclusion
The Wall Street Journal recently made news for cutting its workforce, which resulted in layoffs. It shows the difficult situation that the news sector continues to face. The effects of this are felt not only by journalists but also by the larger media ecosystem.
During these layoffs, journalists face unclear futures. Also, newsrooms are dealing with the impact of lower employment numbers.
The Wall Street Journal’s layoffs were due to a variety of issues. This includes an ongoing need for restructuring to improve efficiency. Cost-cutting methods were also a motivating factor in the decision. It’s because the newspaper tried to reallocate resources strategically. Further, the evolving nature of the media sector, marked by the digital revolution and shifting consumer tastes, led to these workforce changes.
Read More:
Mozilla Layoffs 2024 – Is Mozilla still in business?