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Thursday, October 29, 2009

Wall Street Journal Turns Out the Lights in Boston

News summary by MFWire's editors

The Wall Street Journal is shutting down the bureau that sits at the epicenter of the mutual fund industry. The Journal's managing editor, Robert Thompson, informed staffers Thursday that the paper is closing its Boston office, a move that affects nine reporters.

Jennifer Levitz, who covers mutual funds, is among those affected, according to a Boston-based journalist. It was not immediately clear whether Levitz will be reassigned to another role within the paper.

Besides mutual funds, Journal staffers in Boston cover education and companies in industries such as computer storage and software, retailing and biotechnology.

The Journal also has reporters in New York covering the fund industry.

The Boston bureau was closed due to "cost constraints," WSJ spokesperson Ashley Huston told The MFWire. Affected reporters will be given the opportunity to apply for other positions within the company.

The closing comes on the heels of news that the Wall Street Journal actually increased circulation by 0.61 percent in the six months ended September, making it the largest U.S. daily newspaper with over 100,000 subscribers more than second place publication USA Today.

Dow Jones Newswires and MarketWatch reporters, along with a group of investigative journalists, will stay in Boston. 

Edited by: Daniel Tovrov


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