Tag Archives: Dow Jones & Co.
Vanity Fair has an excerpt in its latest issue of the Sarah Ellison book about Rupert Murdoch’s acquisition of The Wall Street Journal called “War at the Wall Street Journal.”
The excerpt focuses on the ouster of managing editor Marcus Brauchli.
Here is a sample:
“Brauchli had studied up on his subject, reading every Murdoch book he could get his hands on, including Full Disclosure, former Sunday Times of London editor Andrew Neil’s account of how Murdoch had courted and eventually shunned him. Despite the cautionary tale, Brauchli, like Neil, felt he would be the exception to the rule, the man to make it work with Murdoch. Though his belief in his own ability had been the key to his success, it was also a source of amusement for some editors.
“Toward the end of the meeting that April morning, Brauchli checked his BlackBerry and noticed that he had a message from the new Journal publisher, Robert Thomson, the former editor of The Times of London, whom Murdoch had installed in the Journal offices as his eyes and ears. After announcing to his editors that he had to excuse himself and go to another meeting, Brauchli returned the call. “We have to go and talk to Les,” Thomson said, referring to Leslie Hinton, the Murdoch-appointed C.E.O. of Dow Jones. Hinton, who had just returned from China, had been with Murdoch virtually his entire career; he remembered fetching him sandwiches when the two were working at Murdoch’s first paper, the Adelaide News.
“‘Ni hao,’ Brauchli said as they entered Hinton’s office, Mandarin for ‘Hello.’ Hinton didn’t smile.
“‘There’s no easy way to put this,’ Hinton said. ‘But we want you to step down as managing editor. We don’t think things are working out. We’d like to make a change.’ Neither Hinton nor Thomson went into detail or explained why. Brauchli knew they were merely handing down a verdict arrived at by their boss.”
Read more here.
Amanda Gordon of the New York Sun has the answer — a newspaper that Mike Bloomberg brought to the Journal party on Monday where it launched its new New York edition. Read her story here.
The Wall Street Journal remained the largest newspaper in the United States, according to the latest figures released Monday from the Audit Bureau of Circulation.
The Journal leads all daily newspapers in total paid circulation, rising 0.5 percent to 2,092,523 at the end of March from 2,082,189 at the end of March 2009, as filed with ABC, subject to audit.
As a result of increased subscription rates, circulation revenue also saw a 3.6 percent year-over-year increase.
News of the Journal’s ranking and continued growth was announced alongside the launch of Greater New York, the Journal’s new daily, standalone section dedicated to coverage of the New York City metropolitan area, available beginning Monday.
“Readers turn to the Journal for the news that matters most. We are fortunate that during a time of retrenchment across the media industry, we are able to grow the Journal franchise with a new section devoted to New York,” said Todd Larsen, president of Dow Jones & Co., in a statement “The ABC figures complement the strength we’ve seen in our print advertising revenue with a 25 percent increase year-over-year for the first quarter ending in March 2010.”
Flamm writes, “The official rate card price for a regional page in the Journal can run around $100,000. A page in the Post costs anywhere from $5,000 to $25,000, according to a media buyer.
“A Dow Jones spokeswoman says that the presentation was made to a small group of companies that had never before advertised in the Journal or the Post, and that otherwise there has been no deep discounting. ‘We’re getting premium pricing,’ she says.
“She maintains that the paper will be profitable in fiscal 2010 and says that print ad revenue was up 25% in the fiscal third quarter, ended March 31. News Corp., which bought Dow Jones for $5.6 billion in 2007, does not break out results for the paper.”
Read more here.
Dow Jones & Co., the parent of The Wall Street Journal and Dow Jones Newswires, has filed a lawsuit against Briefing.com, accusing it of stealing its headlines and its other business news content, write Bob Van Voris and Sarah Rabil of Bloomberg News.
Van Voris and Rabil write, “Dow Jones, the owner of a financial newswire, sued Briefing.com for copyright infringement and “hot news” misappropriation in federal court in New York today, it said in a statement.
“‘Briefing.com has been brazenly taking a free ride on the reputation of our publications and on the investment Dow Jones makes in quality, real-time journalism,’ Mark H. Jackson, general counsel for Dow Jones, said in the statement.
“Kelly Kauffman, a spokeswoman for Chicago-based Briefing.com, didn’t immediately respond to a call and e-mail seeking comment.
“In one two-week period, Briefing.com copied parts of at least 100 articles and more than 70 headlines within three minutes of their publication on Dow Jones Newswires, the company said in the statement.”
Read more here.
Wall Street Journal Detroit bureau chief Neal Boudette sent out the following announcement on Wednesday afternoon:
“Please join me in welcoming Mike Ramsey to the WSJ/DJN bureau in Detroit. He will take over coverage of the Asian automakers, including Toyota, Honda, Nissan and Hyundai. As part of the merged bureau in Detroit, he will cover those companies for both DJN and WSJ.
“Mike previously worked at Bloomberg News in Detroit covering Chrysler and the European automakers. During his stint there, Mike was first to report that Chrysler was struggling with its banks to get agreement on restructuring and was first to report that President Obama would put the automaker into bankruptcy.
“Prior to that, he worked at The Ann Arbor News, where he broke the news that Google planned to build a 1,000-person complex in the city, and before that was at The State, a major newspaper in South Carolina.
“Mike grew up near Dayton, Ohio, and attended Ohio University, where he is now the president of Society of Alumni and Friends for the journalism school. Mike is married to a journalist and has a daughter, 6, and son, 3, and lives in Grosse Pointe Woods.”
“Dow Jones is about to make a major investment in solar energy. This exciting project will make our South Brunswick campus the largest solar power installation at a single commercial site in the U.S.
“While the final details are still a few weeks from completion, our plan is to install photovoltaic panels above most of the available parking area on the South Brunswick campus – nearly 230,000 square feet in total – to generate 4.1 megawatts of electricity from the sun.
“At peak – no clouds and full summer sunshine – the system will be capable of supplying half our electricity needs at that location, which is by far the company’s biggest consumer of power. Accounting for the hours when sun isn’t bright or not shining at all, the system will provide 15% of the site’s electric needs over the course of a year. The system we are installing will even be capable of returning excess power to the grid on sunny weekends and holidays when our demand for power is diminished. Returning power to the grid reduces the need for electricity from non-renewable energy sources.
“This project grew out of News Corp.’s Global Energy Initiative and represents its largest commitment to onsite renewable power to date. It confirms Dow Jones’s commitment to environmental responsibility and clearly places us in the category of companies whose vision and imagination can make a difference.
“Not many think of New Jersey when they think solar power. Yet by leveraging the support of the utility PSE&G as well as New Jersey and South Brunswick officials, we will be able to make a multi-million-dollar investment in solar power economically attractive. We save the earth’s resources and save money too.
“This project was nurtured – at times against the odds – by a number of our colleagues, not all of whom can be named here. Louis Litwin and Emmanuel Roco, with some assistance on tax from Sudhir Bagga, proved the numbers really were in our favor. Andy Schwartzberg, Mike Paulucci, Steve Russell and Stephen Ogden have been directing the practical side of the planning. From Dow Jones’s own energy initiative, Cool Change, Paul Jakubski and Howard Hoffman imbued the effort with a justification beyond spreadsheets or blueprints.
“It will take a year to complete construction and flip the switch on solar power in South Brunswick. The parking lots will get a little messy in the meanwhile, but it will be worth it. Dow Jones will be a leader in renewable energy, which is appropriate because we already are the leader in renewing the business of news and information.”
Dow Jones Newswires Gabriella Stern, senior editor for global news coverage, sent out the following announcement on Wednesday:
“I’m pleased to let you know that Nick Elliott will become Dow Jones Newswires managing editor for private markets and newsletters, effective April 1. Nick will report to me and will serve as the group’s main liaison to our business colleagues.
“Jen Rossa will become deputy managing editor, reporting to Nick, and will head the group in Nick’s absence. She will continue to oversee the private markets team and serve as managing editor of Private Equity Analyst, and will continue working closely with our business colleagues on matters pertaining to private markets.
“Nick and Jen’s titles bring the newsletters group into alignment with the Dow Jones Newswires management structure. Assistant managing editor Scott Austin and assistant news editor Josh Beckerman will continue reporting to Jen. News editor Marie Beaudette will continue reporting to Nick.
“Nick has been overseeing the bankruptcy team, clean technology coverage and custom newsletters. He was previously managing editor of commodities and futures at Newswires. Prior to that he was the European news editor for bond market coverage at Newswires in London. He joined Dow Jones in 1990 as a bond market reporter in London.
“Jen has been overseeing Private Equity Analyst, LBO Wire and VentureWire. She joined Dow Jones in 1999, originally working for the New York equities spot news desk. Before joining Dow Jones, she was managing editor of The Moscow Tribune, an English-language daily in Russia.”
The memo reads:
Apple will make the iPad available on April 3rd, 2010. We understand the commercial importance of this product as it presents another excellent opportunity to distribute elite Dow Jones content to millions of existing and new customers. As we did with the iPhone, our intention is to rapidly assess the device in terms of compatibility with our network and vital applications. It is our responsibility to ensure that our use of this device introduces no vulnerability to our critical infrastructure and services.
We are committed to completing a full test and certification process within two weeks of receiving the first unit. To ensure the integrity of our environment, we will not permit any iPad access to the Dow Jones global enterprise network until our tests are complete. After our testing is complete we will promptly communicate our findings and next steps to you.
Read more here.
Charles Passy, a general assignment reporter at the Palm Beach Post, is joining Dow Jones Newswires to cover wealth management.
Brian Cronk, the managing editor of wealth management coverage, writes Tuesday in an e-mail announcement to the staff that Passy will join the staff on April 19 as a writer and columnist.
Cronk writes, “Charles is a seasoned writer with more than two decades of experience in newspapers, magazines, radio, television and online journalism. He’s been a specialist on everything from finance and philanthropy to arts, food and consumer culture, and has won first-place awards for cultural criticism from the Society of Professional Journalists, among other awards.
“In his new role, he will join Kristen McNamara on the Practice Management beat, writing about the ways financial advisers can improve their business, and also will cover philanthropy and other issues of importance to advisers and their clients.
“Charles will be returning to his native New York along with his wife, Leslie Olsen, a preschool teacher, and their two children, Jacob, 18, and Emma, 11, after an 18-year exile in the playground of the wealthy, Palm Beach, Fla. At the Palm Beach Post, Charles has been a news-breaking reporter, elegant feature writer, fearless reviewer and boisterous blogger.
“He also has been a regular contributor to The Wall Street Journal since 1999, and has appeared on CNBC, Fine Living and National Public Radio, and has written for The New York Times, Money magazine, TheStreet.com, New York Daily News and Newsweek.”