Tag Archives: News event
The Wall Street Journal for the first time will print its U.S. edition in London from April 16,Â selling it alongside The Wall Street Journal Europe to local readers, according to a statement.Â
The Wall Street Journal Europe, which has a regional readership of nearly 220,000, will continue to be available throughout the U.K. and Europe.
The U.S. edition of The Wall Street Journal will go on sale in central London on the morning of publication, giving local readers access to the newspaper several hours before it goes on sale in the U.S. It will be available at around 250 newsagents in the City, the West End and Canary Wharf areas, including Heathrow and London City airports, for a cover price of Â£2.50.
The U.S. edition will also be available to individual and corporate subscribers for early morning delivery in central London areas. From Monday to Friday, the U.S. edition will be printed alongside the European edition at the Newsfax International Ltd. print site in East London and will be distributed to retailers and subscribers before 7 a.m. each day.
“We’re offering the U.S. edition of The Wall Street Journal to London readers in a particularly significant year for global business and political issues, with the credit crunch crisis and U.S. elections making front-page news most days,” said Michael Bergmeijer, managing director of Dow Jones’ Consumer Media Group in Europe, in a statement. “We believe a large number of internationally minded people living and working in London will value the U.S. edition, and we’ll now be able to give them the competitive advantage of having the world’s best business paper five hours ahead of U.S. readers.”
Read more here.
North Carolina-based Business Leader Media announced that it has acquired struggling South Florida CEO magazine, a business magazine in the Miami-Dade, Broward and Fort Lauderdale metropolitan markets. Terms were not disclosed.
South Florida CEO magazine will change its name to South Florida Business Leader.
South Florida CEO, founded in 1988, has 35,000 subscribers and strong corporate pass-along distribution. Business Leader Media publishes monthly business magazines in major North Carolina business hubs, as well as a number of regional quarterly and annual business publications. The company also publishes several national newsstand magazines that reach small-business owners and business professionals.
Mark Mellman, a Miami native and current executive with Business Leader Media, will become publisher of South Florida Business Leader, and Vivian Fried, who has been with South Florida CEO for six years, will assume the role of associate publisher.
“We are excited to extend our presence to South Florida,” said Mellman in a statement. “We look forward to continuing the great coverage of businesses, business people and business events that South Florida CEO magazine has provided the community over the last 10 years, and to enhancing it by adding the resource guide component that makes Business Leader products unique among the genre.”
Read more here.
In the ongoing trial of a former Boeing employee accused of stealing company secrets, testimony Thursday disclosed numerous e-mails with reporters from the Seattle Times and the Seattle Post-Intelligencer.
Post-Intelligencer reporter Andrea James writes, “Though the detectives asked him numerous times about contact with the media, Eastman would not confirm that he had ever spoken with a reporter.
“But Detective David Dunn from the U.S. Secret Service Electronic Crimes Task Force, in taped testimony played Thursday, said he’d found e-mails on Eastman’s computer that confirm contact with reporters. Dunn found seven pages of e-mails between Eastman and Times reporter Dominic Gates, and four pages of e-mails between Eastman and Seattle P-I reporter James Wallace. The e-mails were submitted as evidence Thursday.
“The reporter-source relationship between Gates and Eastman began around September 2003, with an e-mail.
“‘Would any major outsourcing plans by BCAG (Boeing Commercial Airplanes group) be news to you?’ Eastman wrote to the reporter. ‘If so, please contact me. I, of course, would have to be assured total anonymity.’”
Read more here.
Dolan Media Co., which owns a number of weekly business newspapers, reported a fourth-quarter profit after posting a loss in the same quarter in 2006, according to a Thomson Financial story.
The story stated that Dolan Media “swung to fourth-quarter net income of $3.1 million, or 12 cents a share, from a net loss of $3.3 million, or 36 cents a share, in the same period a year earlier.
“The number of weighted average shares outstanding was 25.3 million for the latest quarter, compared with 9.3 million a year ago.
“The mean estimate of analysts polled by Thomson Financial was for earnings of 11 cents a share.
“Revenue for the period ended Dec. 31 rose 27% to $40.9 million from last year’s $32.2 million. Analysts had expected $39 million for the quarter.”
Read more here. Dolan Media owns the Long Island Business News, Mississippi Business Journal,Â the Colorado Springs Business Journal, the Idaho Business Review and the Daily Journal of Commerce in Portland, Ore., among others.
Danny Schechter, editor of MediaChannel.org, writes an opinion piece for Editor & Publisher that questions whether the business media did enough to warn consumers about the sub-prime mortgage crisis.
Schechter wrote, “There is more to this very sad failure. Many newspapers and TV outlets were complicit. They accepted and made tons of money carrying slick and often deceptive advertising for shady mortgage lenders and credit card companies encouraging readers and viewers to accept more debt. Some major newspaper are tied into local real estate syndicates and get kickbacks from sales tied to their extensive advertising of homes for sale.
“Was there a conflict of interest perceived in taking these ads â€” which were important sources of revenue in a soft ad market — and producing watchdog journalism warning of the dangers of buying into subprime loans and other injurious products?
“Is the press too imbued to our governmentâ€™s mission of inspiring consumer confidence? Is that, in turn, connected to using the news pages to benefit advertisers? Think of all those local TV reports ‘live at the mall’ at Christmas time cheerleading for more shopping? At the time, it appeared as if everyone was buying everything. It was only later, well after the fact, that we learned that it was the worst Christmas season in five years.
“Whatâ€™s worse is that the coverage may have missed the truly criminal aspects of this crisis, the issue so far being raised mostly overseas. This will be fought out in courtrooms worldwide when those who purchased worthless mortgages sue the companies who sold them knowing their true value. Why are the RICO laws not being used to prosecute a scam involving so many ‘entangled’ companies? There is no shortage of data on this fraudulent and discriminatory scheme.”
Read more here.
Investigators testified Wednesday that they could determine a link between a former Boeing employee now on trial and a Seattle Times business reporter who wrote stories about the aerospace company using internal documents, writes Andrea James of the Seattle Post-Intelligencer.
James wrote, “Anthony Maus, a senior manager for Boeing’s investigations division, testified in King County Superior Court that his team examined leaks to Times aerospace reporter Dominic Gates, who wrote articles that relied on internal Boeing documents.
“Maus said he has analyzed thousands of documents confiscated from Eastman’s home computer. He showed jurors more than 100 PowerPoint slides that detailed which of those documents he believes Gates used for his articles.
“The Times has said that it would not confirm whether Eastman was a source.
“Each of the 16 charges against Eastman refers to documents that were the basis of up to 13 Times articles, according to testimony.”
Read more here.
LaMotta writes, “The integrated company, Thomson-Reuters will be the largest entity in the financial-data area with approximately 34.0% of the market share. Bloomberg, a privately-held information service, has 33.0% of the market with about 20 other firms splitting the rest of the market.
“The companies are hoping to offer customers a broader, more customer-centric experience. Yet, they have not given a timeline for the integration or details on how they plan to distribute the newly-combined resources.
“Thomson did not return calls in time for comment. Shares of the company were down 2.5%, or 90 cents, to $34.66 at the end of trading in New York. Reuters dropped .3%, or 22 cents, to $72.19.”
Read more here.
CNet Networks Inc. says it is laying off 120 employees as part of an effort to streamline the online media company while generating more content for its business news and entertainment sites,a ccording to an Associated Press story.
The AP story stated, “All the layoffs â€” about 4.4 percent of CNet’s work force â€” will involve employees in the U.S., according to a document CNet filed Wednesday with the Securities and Exchange Commission.
“CNet’s suite of popular Web sites commands a huge worldwide audience, but its investors have long complained the company’s profits haven’t kept pace with the growth of Internet advertising.
“The company indicated in the filing that the layoffs would be effective immediately and cost at least $3.8 million in severance pay, outplacement and other expenses.”
Read more here.
Andrea James of the Seattle Post-Intelligencer writes Wednesday that the central question surrounding the trial of a former Boeing employee accused of downloading internal documents and giving them to a Seattle TimesÂ business reporterÂ focuses on whether he had access to the files because of his job.
James wrote, “Boeing tracked Eastman’s computer activities, and soon, the Seattle Police Department obtained a warrant to arrest Eastman and search his home. Seattle police found thousands of documents on Eastman’s home computer.
“Maus used a computer forensics tool to scan those documents to see if they corresponded with articles in The Times and the P-I.
“Maus said he found 16 documents that informed the Times articles, and about 10 more documents that were likely to be source material, but the forensics tool wasn’t certain. Among the leaked data were production rate numbers and information on where Boeing would build its 787, about how much labor was required to build the 787, and about assembly times and sales figures.”
Read more here.
Cate Doty of the New York Times writes about Doubledown Media, the parent of Trader Monthly and Dealmaker, two business magazines thriving despite Wall Street’s woes because of its high-income readership.
Doty writes, “The company, founded in 2004 and based in Manhattan, is hiring in anticipation of big growth in advertising revenue, and publishing a new magazine next month â€” The Players Club, which aims to help professional athletes manage their money.
“Although Trader Monthly and a sister publication, Dealmaker, are sold on newsstands for $10 each, free subscriptions are available only to people who can prove that they work in the financial industry, and Mr. Lane says that thousands are turned away; subscriptions for others are $100 a year.
“Trader Monthly readers have an average income of $653,000, according to Doubledown, making them prime targets for advertisers like Hermes, Cessna and Johnnie Walker.
“Mr. Lane and Doubledownâ€™s founder, Magnus Greaves, say that Doubledown is recession-proof because of its rarefied audience: men whose average net worth is between $3 and $5 million and who want to read about other men like themselves.”
Read more here.Â