Richard Zannino, the chief executive of Dow Jones & Co., prepared the way on Monday for job losses at the company after it is acquired by News Corp.

In a letter to Dow Jones employees, publisher of the flagship Wall Street Journal, Zannino said the main goal of the $5.2 billion takeover deal is to "increase profits by strengthening and growing our products and brands, not by slashing costs."

However, “there will be some changes ... where job cuts are unavoidable, we will communicate that as soon as practical,” Zannino added.

Zannino's statement led 35 of the paper's reporting staff to picket outside Wall Street Journal offices Monday to protest against a proposed pay settlement. They wore placards with slogans such as "Give us a fair deal" and "No pay cut."