The exec changes announced today at the WSJ include Dave Callaway, editor of MarketWatch, reporting to Alan Murray, new WSJ executive editor-online, instead of Todd Larsen, COO of DJ’s Consumer Media Group—giving the appearance that, editorially, MarketWatch is a subset of the Journal, not a side-by-side site. Here’s the official take from a DJ spokesperson: “MarketWatch remains a separate news operation, just as WSJ.com and Barron’s Online are separate online news operations within Dow Jones. The only change is that now, like the managing editors of WSJ.com and Barron’s Online, MarketWatch managing editor David Callaway will report to a news executive. He’ll continue to work closely with the product development team, general manager and other executives who also remain dedicated to the MarketWatch site.”

True, Callaway will report to a news exec but Murray himself reports to the ME of the Journal. MKTW may remain a separate news operation but it is now part of the WSJ structure.