The deal has apparently been struck between outgoing Wall Street Journal managing editor Marcus Brauchli and his News Corp. overlord, Rupert Murdoch. This press release just came in:
Accepts Position as Consultant to News Corporation
New York, New York – April 22, 2008 – Marcus Brauchli, Managing Editor of The Wall Street Journal and Les Hinton, CEO of Dow Jones & Company jointly announced today that Mr. Brauchli is stepping down from his position as Managing Editor of The Wall Street Journal and will become a consultant to News Corporation. The announcement was made after a meeting between the members of the Special Committee designed to protect the editorial integrity of the newspaper, Mr. Brauchli and representatives from Dow Jones and News Corporation.
In his new role, Mr. Brauchli will provide guidance to senior management in a wide range of areas, from advising The Wall Street Journal to exploring the possibility of a business news channel for STAR-TV in Asia.
Dow Jones will begin a search for Mr. Brauchli’s replacement immediately.
“Marcus is a brilliant journalist who has played a key role in the growth of The Wall Street Journal over the past 20 years,” said Mr. Hinton. “He deftly guided the Journal’s coverage of every major news event of the past decade and is leaving the paper in a position of great strength.”
“Following the change in ownership of Dow Jones and the Journal, I have concluded the time is right to consider new career possibilities,” Mr. Brauchli said. “I revere the Journal and hold my colleagues here, both old and new, in the highest regard. There isn’t a better team in journalism, and I will greatly miss working with them on a daily basis.”
“Marcus has been a terrific leader throughout the transition process and I have great respect for him,” said Rupert Murdoch, Chairman and Chief Executive of News Corporation. “I am pleased he has accepted this new role in News Corporation and believe his experience will be a great asset, especially in Asia — a region where we see significant growth potential and where he has particular expertise.”
Marcus Brauchli, 46, became the Journal’s Managing Editor last May, overseeing the Journal news franchise, in print and online, in the U.S. and abroad. Before that, he had served as Deputy managing Editor, Global News Editor, and National Editor. In those jobs, he helped to guide redesign of the Journal’s U.S., Asian, and European editions and to oversee coverage of two Presidential elections, the September 11 attacks, the wars in Iraq and Afghanistan and the 2000-2001 stock market downturn. Before that, he spent nearly 15 years as a foreign correspondent and was based in Hong Kong, Shanghai, Tokyo, and Stockholm. He began his career at Dow Jones in 1984 in New York.
ABOUT DOW JONES
Dow Jones & Company (www.dowjones.com) is a News Corporation company (NYSE: NWS, NWS.A; ASX: NWS, NWSLV; www.newscorp.com). Dow Jones is a leading provider of global business news and information services. Its Consumer Media Group publishes The Wall Street Journal, Barron’s, MarketWatch and the Far Eastern Economic Review. Its Enterprise Media Group includes Dow Jones Newswires, Dow Jones Factiva, Dow Jones Client Solutions, Dow Jones Indexes and Dow Jones Financial Information Services. Its Local Media Group operates community-based information franchises. Dow Jones owns 50% of SmartMoney and 33% of STOXX Ltd. and provides news content to radio stations in the U.S.