The Wall Street Journal, owned by Dow Jones (NYSE: DJ), is undergoing a large editorial shake-up according to The New York Times. A number of the newspaper's most senior editors are losing their titles or being re-assigned.

The easy explanation for the changes is that the Journal's new editor, Marcus E. Brauchli, wants to put his own people into the paper's most important jobs. This would, of course, indicate that the wrong people have been in those jobs for some time.

But, the move comes in the shadow of Rupert Murdoch's bid for WSJ parent Dow Jones. Wall St. has to wonder whether all of the reshuffling is aimed at preparing the operation for a new, more aggressive owner. One of the moves promotes the editor of The Wall Street Journal Online. The internet version of the paper has been doing better than the print edition, which is losing advertising as marketers move to the internet.

Of course, all of the new job assignments coming so close to Murdoch's bid could just be a coincidence.

Douglas A. McIntyre is a partner at 24/7 Wall St.