Dow Jones is closing the print edition of SmartMoney, the 20-year-old personal finance magazine, and expanding its digital news team, the company said today, confirming news first reported by The Wall Street Journal.
The print edition's September issue will be its last, meaning the elimination of 25 jobs, Dow Jones said. SmartMoney.com will add six new editorial positions as part of the plan, which will also add the SmartMoney brand and tools to a personal finance section on MarketWatch, a Dow Jones sibling.
SmartMoney was a joint venture between Hearst and Dow Jones for many years, but Dow Jones bought Hearst's 50% stake in 2010. The company, however, has recently seen changes at the top: News Corp.named Lex Fenwick the new CEO of Dow Jones in February and Dow Jones President Todd Larsen left on Tuesday.
This year has been disappointing so far for print publishers, who hoped early positive signs in the economy would be reflected in ad buys. SmartMoney's print ad pages from January through the July issue declined 9.3% from the comparable period in 2010, compared with a 5.6% decline across monthlies as a whole, according to the Media Industry Newsletter.
SmartMoney averaged paid circulation of 815,154 in the second half of last year, roughly unchanged from 817,747 in the half a year earlier, according to its reports with the Audit Bureau of Circulations.