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Dow Jones hires McKinsey & Co.

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New York—News Corp.’s Dow Jones & Co. confirmed that it has hired management consultant firm McKinsey & Co. The story was first reported last Friday by Forbes.com, which noted that the hiring of McKinsey was a prelude to job cuts and magazine closures at Condé Nast.

Dow Jones spokesman Howard Hoffman said McKinsey was hired not to shrink Dow Jones but to help the company grow. “It is wrong to say we’re engaging consultants to cut costs. Our emphasis is on building and growing our products,” Hoffman said.

When asked to offer more specifics on what McKinsey was hired to consult on with Dow Jones, Hoffman said, “We don’t want to divulge what they’re doing. We don’t want to let our competitors know.”

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