‘Substantial’ buyouts hit The Wall Street Journal

As part of the restructuring of its parent company, Dow Jones, The Wall Street Journal is looking for employees to take a “substantial” number of buyouts, according to a memo from Wall Street Journal editor Gerry Baker.

We are seeking a substantial number of employees to elect this benefit, but we reserve the right to reject a volunteer based on business considerations. Employees will be required to sign a separation agreement and release of claims in a form provided by the Company in exchange for the accompanying severance benefits.

The Wall Street Journal underwent staff reductions in 2015, when fewer than 30 people were laid off. Those cuts came after a round of buyouts that presaged an earlier reorganization with digital orientation as its stated goal.

The last day to volunteer for buyouts is Oct. 31, according an information sheet accompanying the memo. Employees in the United States are eligible to receive 1.5 times their severance, which is based on years of service with the company, up to 18 months of salary.

Here’s the full memo: