Dow Jones Newswires Switches Partners; Will Distribute AFP, Not AP
This story was written by Staci D. Kramer.
Dow Jones (NYSE: NWS) and the Associated Press are ending a longstanding distribution and resource-sharing agreement. Instead, Dow Jones Newswires will distribute stories from Agence France-Presse. DJ has been sharing office space with AP in about 30 overseas locations. DJ spin: it's part of the post-News Corp investment in global financial news. AP spin: AP didn't believe it was being paid enough. AP chief revenue officer Tom Brettingen: "We weren't able to resolve that with DJ, so we're going our separate ways. We've been expanding our domestic financial coverage significantly, and we're in the process of doing the same internationally." The time for the switch hasn't yet been set.
Reuters: "The AP and Dow Jones started talking about their arrangement more than a year ago, before Murdoch said that he wanted to buy Dow Jones, Brettingen said in an interview. ... An internal Dow Jones memo to staff obtained by Reuters (NSDQ: RTRSY) said that negotiations with the AP were unsuccessful and that AP had decided to end the deal, which has included sharing offices and close integration. Dow Jones will begin shuffling employees out of bureaus where it shares space with the AP...."
By Staci D. Kramer