(Bloomberg) -- The Wall Street Journal, part of Rupert Murdoch's News Corp., is closing down print editions in Europe and Asia as a result of shrinking advertising.
The final print edition in Europe will be Friday, with the Asian edition ending a week later, the newspaper reported Thursday in an article, citing company officials. The article said affected staffers have been reassigned.
Over the past year, the Journal has been implementing “WSJ 2020” -- a three-year plan to adapt to consumers who are getting their news increasingly on their mobile phones. Part of the plan involved staff cuts and folding and merging some sections of the print newspaper.
Earlier this year, a union representative told Bloomberg News that the Journal was laying off employees at bureaus in Asia and Europe. At the time, the company said that “we remain committed to covering the region.”
Like other newspapers, the Journal is trying to attract more subscribers online to make up for the steady decline in print advertising. In the most recent quarter, the parent's ad revenue fell 12 percent. The Journal had about 1.3 million digital-only subscribers at the end of the quarter. The paper has also been raising the price of subscriptions.
The Asian edition was launched in 1976, with Europe starting in 1983, the newspaper said.
Bloomberg LP, the parent of Bloomberg News, competes with News Corp. and the Journal in providing financial news and services.
To contact the reporter on this story: Gerry Smith in New York at gsmith233@bloomberg.net.
To contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, Rob Golum
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
