Dow Jones Cuts Ad Sales Staff Post-Acquisition
The move comes as the business information publisher integrates with MarketWatch.
Dow Jones’ Consumer Electronic Publishing business has cut 97 jobs in the wake of its acquisition of MarketWatch, which included the elimination of “several” open positions in ad sales. No ad sales staffers were laid off.
Though the company didn’t specify exactly how many jobs were cut from ad sales, executives said MarketWatch’s sales operation would be merged with the existing Wall Street Journal Online staff. The group will sell ads across all WSJ and MarketWatch Web properties.
“We are focused on retaining a flat organization structure that encourages speedy decision making, as is appropriate in serving these dynamic markets,” said Gordon Crovitz, SVP of Dow Jones and president of the Electronic Publishing Group, in a statement. Crovitz said the cuts would save the firm nearly $12 million.
Randy Kilgore, formerly VP of ad sales for the WSJ.com, will head up the combined ad sales operation as SVP of advertising sales. Vice presidents for the division will be Scot McLernon, formerly the EVP of sales and marketing at MarketWatch, and Mike Henry, formerly the director of advertising sales for the WSJ.com.
Dow Jones agreed to buy the business and financial publisher for $519 million in November 2004.
