Dow Jones Taps McKinsey & Co.
After Condé Nast hired consultants McKinsey & Co. to help “realign” the magazine publisher’s business, four magazine ended up shuttered and hundreds lost their jobs.
But Dow Jones, the Rupert Murdoch-owned Wall Street Journal publisher that last week revealed that it had also enlisted McKinsey’s help, insists that this move will help grow the business, not shrink it.
“It is wrong to say we’re engaging consultants to cut costs,” Journal spokesman Howard Hoffman told Forbes. “Our emphasis is on building and growing our products.”
To be fair, the Journal has recently launched new products like its new paid online product aimed at professionals, although cuts have been made — like the closure of the Boston bureau — despite the paper’s recent claim to the title of number one newspaper in circulation. But even the highest circ paper can be run more efficiently and, like with Condé, we’ll be keeping our ear to the ground for big developments coming out of Dow Jones in the next few months. We hope those developments won’t include more layoffs.
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