As it turns out, that the coffers of Rupert Murdoch’s News Corp are not bottomless. The company has just frozen salaries across the board for all employees of Dow Jones. The only exceptions seems to be those covered by union contracts that mandate certain increases.
This means that editors and reporters at prominent Dow Jones business news products–including the newswire, Barron’s and the Wall Street Journal–will not receive any raises until the freeze is lifted. Despite the caterwauling by leftists and journalist tutt-tutters who pretended to fear Murdoch would turn the WSJ into a tabloid, Murdoch’s reign at the paper has been widely regarded as a boon. The paper has not seen the kind of layoffs that have emptied the newsrooms of rivals. Indeed, its breadth of coverage has grown since Murdoch took over.
The salary freeze, however, shows that there are limits to Murdoch’s patronage.
Still, a salary freeze is far preferable to losing your job. Although Dow Jones employees probably shouldn’t get too comfortable. The company is saying that savings from the salary freeze will “mitigate possible future job cuts.” Mitigate does not mean eliminate.