Storm Conditions Still Brewing
/Dow Jones reports highest profit since News Corp acquisition
AI an “opportunity to create a new stream of revenues . . . reduce costs”
Thanks to all members who participated in yesterday’s IAPE “tweetstorm” intended to call attention to subpar wage proposals from Dow Jones management prior to the release of fourth quarter and full year fiscal results from News Corp.
Thousands of posts, reposts, likes and impressions of IAPE messages flooded X yesterday afternoon and evening. The gap that exists between IAPE and Dow Jones contract proposals suggests we’ll need to highlight positive company performance repeatedly as negotiations continue.
Yesterday’s News Corp call did nothing to dispel the notion that Dow Jones can afford to pay the IAPE-represented workforce what it is worth. In a prepared statement, CEO Robert Thomson said, “Dow Jones posted its highest profitability for both the quarter and the full year since we acquired the company.”
Thomson added, “Dow Jones doubled its profitability over the past four years,” and is “nearing a landmark moment with our lucrative B2B offerings expected to be the largest contributor to profitability in Fiscal 2024 and a key driver of future growth.”
While layoffs or "cost saving measures" were occurring at Dow Jones, full year revenues for the company increased by $149 million, a 7% increase over FY22 results. Segment EBITDA for fiscal 2023 increased $61 million, a 14% increase from last year.
More concerning were Thomson’s comments about how News Corp views artificial intelligence, saying that generative AI “presents a remarkable opportunity to create a new stream of revenues, while allowing us to reduce costs across the business.” Dow Jones has refused to respond to a union proposal to protect jobs from being displaced by generative AI.
IAPE looks forward to more glowing FY23 remarks from the Dow Jones leadership team.
The Storm of the Century
Yesterday’s tweetstorm was IAPE’s most successful social media campaign ever. So far. We undoubtedly will have more opportunities to call attention to gaps between Dow Jones and IAPE contract proposals, and we look forward to all IAPE members joining in those efforts.
In the meantime, we want to recognize members of the IAPE Contract Action Team in Washington for producing yesterday’s sample posts and graphics.
Our messages were clear: wages for Dow Jones employees have lagged behind—far behind—the cost of living. Dow Jones is a very profitable company and can afford to rectify that situation.
Once News Corp’s earnings were released, the CAT team updated one of its graphics to reflect Dow Jones EBITDA. If you haven’t seen it, we think you’ll find it interesting.
If you didn’t get a chance to post or repost yesterday, there is no reason you can’t take part today. Choose from one of yesterday’s sample messages, or share IAPE messaging from the News Corp call:
We’ll have plenty of other ways for IAPE members to display support for union contract proposals and our Bargaining Committee. Location update meetings will continue—today for members in the Midwest region, Monday for members in Canada and Wednesday for Mid-Atlantic members. Negotiations with Dow Jones resume on Tuesday.
In the meantime, if you have any questions or comments about contract negotiations, or if you want to volunteer to participate in the CAT, please contact us at union@iape1096.org.