The change overseas will not affect the conservative financial daily at home in the US, where it will remain a broadsheet. The new-look format launches on October 17.
The launch of compact editions has transformed the fortunes of British newspapers with The Independent and The Times boosting ABC figures as well as saving money on printing costs.
Dow Jones, owner of The Wall Street Journal, expects to save $17m (£9m) annually, beginning in 2006 with the compact edition. In 2005, these savings will total about $5m, after up to $8m of cash restructuring and other one-time implementation costs.
The European and Asian newspaper is also joining with The Wall Street Journal Online, , to offer readers "a more convenient daily package of more news in more ways that better suits how busy readers use news today".
The switch to compact in Europe also sees a new editor installed with the appointment of current managing editor Raju Narisetti, who will succeed Frederick Kempe.
Kempe, editor and associate publisher of The Wall Street Journal Europe, will return to New York in the new post of assistant managing editor.
They will report to Paul Steiger, managing editor of The Wall Street Journal.
John McMenamin, head of international advertising sales of The Wall Street Journal, said: "These new initiatives are an aggressive step to offer advertisers increased access to the Journal's unparalleled audience by combining both print and online platforms, and shifting to a compact format that better lends itself to the needs of our global readership and the advertisers who want more opportunity to reach them."
The Independent was the first to launch a tabloid version of its broadsheet in autumn of 2004 and in May last year it went fully tabloid.
The Times was next to follow suite with a fully compact format last November after almost a year of dual publication.
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