Media Confidential has confirmed that The Wall Street Jounral Radio Network is ceasing operations.
The business news radio net will end with the close of 2014 (12/31).
The radio news service serves over 400 radio stations and its popular The Wall Street Journal This Morning with anchor Gordon Deal will also be ending. It is carried by WCBS-AM New York, WLS-AM Chicago, KGO-AM San Francisco, KSFO-AM San Francisco, WMAL-AM Washington DC, WWJ-AM Detroit, KTRH-AM Houston, WLW-AM Cincinnati, WIOD-AM Miami/Fort Lauderdale and many other N/T stations.
Also, the WSJ will be shutting its MarketWatch Radio Net and all its operations in Washington, including all digital podcasting.
Among affiliates of the The MarketWatch Radio Network: WINS New York, WBBM Chicago, KCBS San Francisco, KYW Philadelphia, WTOP Washington, KRLD-AM Dallas, WBZ-AM Boston, WCCO Minneapolis, KMOX St. Louis and KXL Portland.
The WSJ Editor-In-Chief Gerry Baker reportedly told staffers that after taking a hard a look at business operations; despite great progress and growth, the radio network just doesn’t fit with the company’s future plans.”
Baker said the cuts were a difficult choice but had become necessary to ensure further growth.
“We believe the primary opportunity for rapid growth of the Journal in the U.S. is the expansion of our core circulation—digital and in print—and continued increases in MarketWatch’s audience. And so we must ensure that our focus and investment is placed on those products,” he said.
Last week, News Corp reported that revenue in its news and information-services unit had declined 3% in the Sept. 30 quarter compared with the year-earlier period. Advertising revenue continued its decline, though the company boosted circulation revenue by raising prices. The unit accounts for about two-thirds of News Corp’s overall revenue.
Dow Jones saw a 12% drop in revenue in the quarter, stemming from the sale last year of the Dow Jones Local Media Group and declines in advertising and the professional information business.
Compass Media Networks has been handling ad and affiliation sales.
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