UPDATE 2-Dow Jones undergoes corporate, exec shake-up

* Todd Larsen named president

* Enterprise Media Group head Clare Hart leaves

* WSJ, Barron’s, Factiva, newswires now one unit

LOS ANGELES, Jan 4 (Reuters) - Dow Jones & Co named a new executive team and merged its consumer and enterprise media businesses in the largest shake-up at the company since it was bought by News Corp NWSA.O in 2007.

Todd Larsen was named president of the company in the largest corporate and management restructuring since Rupert Murdoch’s News Corp acquired it in 2007. Larsen was previously head of its consumer business.

Stephen Daintith was named chief operating officer of Dow Jones and will remain as chief financial officer. But Clare Hart, a veteran industry figure and president of the Enterprise Media Group, will leave the company.

In combining its consumer and enterprise businesses, Dow Jones is bringing together The Wall Street Journal, Dow Jones Newswires, Barron’s, Factiva and MarketWatch under one umbrella.

“This structure will provide the focus to make us faster and better than our rivals at identifying and meeting customer needs,” said Dow Jones Chief Executive Les Hinton.

“This isn’t about personalities, and it’s not about costs,” he added in a statement.

News Corp is struggling to stem newspaper revenue declines. In 2009, The Wall Street Journal shut its Boston bureau to save costs. Dow Jones shuttered its esteemed Far Eastern Economic Review, which published its final issue in December.

The restructuring at Dow Jones comes as Murdoch seeks new ways to generate revenue online from the Wall Street Journal and other publications, in an age when consumers expect free news content on the Web.

Separately on Monday, News Corp agreed to sell movie review aggregator Rotten Tomatoes to film information site Flixter. [ID:nN04197050]

Larsen joined Dow Jones in 1999. One of his earlier duties at the company was overseeing, the online version of The Wall Street Journal.

Hart had been at Dow Jones for more than 25 years, and in addition to heading the company’s Enterprise Media Group, she also was executive vice president at Dow Jones.

On Monday, she told Reuters her future plans were “up in the air,” declining to comment further.

The Local Media Group, the company’s community news division with eight newspapers and 15 weeklies across six U.S. states, will continue to function as an independent unit.

Reporting by Alex Dobuzinskis: Editing by Richard Chang