• Reuters, Tuesday, May 19, 2009 9:30 AM

The Wall Street Journal has boasted about its rising circulation and the growing number of people online who are using its site. Nonetheless, parent company News Corp is cutting costs. The latest are cuts in employees' benefits packages.

Dow Jones CEO Les Hinton says other media companies are making benefits changes driven by short-term necessity, but his team conducted a "deep" 18-month review of the entire benefits program.

The result: a lower rate of company contributions to retirement savings programs starting next year. In addition, the company's retiree health-care subsidy will be curtailed for most employees effective in January. Older employees, long-time employees and current retirees will continue to be eligible for a subsidy in a revised retiree health-care plan.

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