Wall Street Journal trims paper, staff

The Wall Street Journal has started the process of laying off staff as it works to significantly trim down its print edition.

Facing a decline in advertising revenue, the Journal on Nov. 14 will debut a downsized print product with less coverage of arts, culture and local news.

"All newspapers face structural challenges and we must move to create a print edition that can stand on a sound financial footing for the foreseeable future while our digital horizons continue to expand," Gerard Baker, the editor-in-chief, wrote in a memo obtained by CNNMoney.

Baker said in October the paper was anticipating a "substantial number" of buyouts to "limit" layoffs. However, as of this week, mandatory cuts are starting. The paper has declined to say how much of its workforce will be affected.

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