A Jan. 4 Business article and a Jan. 5 correction on the appointment of Richard F. Zannino as chief executive of Dow Jones & Co. incorrectly characterized the time frame when national ad pages in Barron's declined by 30 percent. That figure applies only to November 2005 compared with November 2004. National ad pages from January 2005 to November 2005 dropped 13 percent.
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Two Dow Jones Executives Out
Richard F. Zannino, left, will succeed Peter R. Kann as chief executive. Kann's wife, Wall Street Journal publisher Karen Elliot House, will also leave.
(By Richard Drew -- Associated Press)
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"I understand very clearly what happens to Dow Jones and the Journal if we lose our edge, our competitive advantage when it comes to journalism," he said. "It's key for someone like me, as CEO, to have as many qualified journalists and the best journalists possible."
When asked what changes he plans to make, Zannino said he would continue the company's efforts to diversify its sources of ad revenue, which have started to produce results.
"We posted a modest gain in [revenue] in 2004 . . . and that indicates we're moving off of the bottom," he said.
Dow Jones said yesterday that its fourth-quarter earnings would be higher than previously forecast. Dow Jones stock closed at $39.14 a share yesterday, up $3.65.
Zannino also said he has no plan to get rid of Barron's, a weekly publication with a circulation of 300,000. From January to November 2005, the number of Barron's national advertising pages fell 30 percent, the company said.
Zannino said he wants to change the way the company is organized and is considering consolidating some online and print operations under one manager.
Other than a new management structure, Zannino is not likely to make any radical moves, newspaper-industry analyst John Morton said.
"I'm not sure Zannino wants to upset the company's tradition of emphasizing quality journalism," Morton said. "Dow Jones has one of the strongest newspaper franchises in the world even if it hasn't been particularly profitable in recent years."
