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WSJ closing its Budapest bureau

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Flickr.com / Steve Rainwater

The Budapest bureau of The Wall Street Journal is being closed by publisher Dow Jones & Co. as part of its downsizing in Europe and Asia, in an attempt to decrease expenditures, according to reports. 

(Photo: Flickr.com / Steve Rainwater)

Due to falling revenues, Dow Jones has launched a program it calls “WSJ 2020”, Hungarian online daily index.hu reported. As part of the overhaul of its operations, Dow Jones is establishing offices covering the whole continent and closing independently operating units, as well as leaving some news areas, the Hungarian daily added.

The Wall Street Journal plans for the revamp were announced in October. “These are challenging times. I thank you in advance for your patience and understanding as we set about the difficult task of continuing to build our digital future while responding to the decline in traditional advertising,” Dow Jones Chief Executive William Lewis said at the time, according to wsj.com.

Local correspondents Margit Feher and Veronika Gulyás confirmed the news of the Budapest closure in posting the following joint statement on their public Facebook timelines: “Dow Jones &Co., the publisher of The Wall Street Journal, is closing its Budapest bureau as part of its downsizing in Europe and Asia. We are very sad about this but will always be proud to have been part of the DJ/WSJ family.”

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