One alternative would be to organize around customers and market segments or to organize, for example, around WSJ as a franchise. Either would involve more integration for print and online. Advertisers could be expecting us to be approaching them not just with a print offering and with an online offering, but with a cross-media offering.

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In a world where readers are viewing The Wall Street Journal more as a franchise and less as a channel of distribution, one could envision a different structure that may or may not have a stand-alone print publisher.

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We're testing a number of ideas and the ones that test best will launch.

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Basically, we're following our customers. If you take The Wall Street Journal, our customers don't just think of The Wall Street Journal newspaper, they think of it as a franchise.

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We have people in print who think about circulation, ad sales, producing and delivering newspapers, and they're very print-focused because they grew up there. They don't think about online. And we have a separate online organization that until today reported up to an entirely different management team.

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