New York—Dow Jones & Co. announced Wednesday the cutting of 97 positions in its electronic publishing business, two days after it completed its $528 million acquisition of MarketWatch.
"MarketWatch From Dow Jones" will operate side by side with wsj.com, The Wall Street Journal’s Web site. MarketWatch Chairman-COO Larry Kramer will serve as a consultant to Dow Jones to support postmerger integration efforts and new-product development projects.
Dow Jones said Dave Callaway will continue as editor in chief of MarketWatch. Bill Grueskin will remain managing editor of the Wall Street Journal Online, and also will take on editorial responsibility for The Wall Street Journal vertical sites.
On Thursday, Dow Jones reported fourth-quarter revenue of $437.2 million, up 3.9% from $420.7 million a year earlier. Net income decreased 19.6% to $35.6 million, from $44.3 million in the fourth quarter of 2003.
Excluding special items, net income increased 1.4%, from $35.0 million to $35.5 million.
For the full year, Dow Jones generated revenue of $1.67 billion, up 7.7% from $1.55 billion in 2003. Net income dropped 41.7% to $99.5 million from $170.6 million, Excluding special items, net income increased 27.4% to $99.9 million, from $78.4 million in 2003.
Dow Jones’ print flagship, The Wall Street Journal, posted a full-year decline in ad linage of 0.5% between 2004 and 2003.