By Jennifer R Jones | Posted on April 26, 2010 12:00 PM
The Journal Prepares To Offer A New Section Featuring New York's Events In A $30 Million Project Aiming To Be Direct Competition For The New York Times
"The Journal" Aims To Compete With "The New York Times"
It may be called “The Wall Street Journal”—but the New York newspaper hasn’t really written about local New York events or happenings—until now. Starting today, “The Journal” will offer a New York section that aims to be direct competition for “The New York Times.”
Although “The Journal” has a larger circulation than "The Times,” “The New York Times” reaches more New York City households, as well as more women. And women may be the key to “The Journal’s” plan: To reach the coveted advertisers that appeal to the female population, such as department stores like Saks Fifth Avenue, Bergdorf Goodman, Macy’s, and Bloomingdales.
A $30 Million Project
The new New York metro section will have areas that cover culture, local real estate, business, local sports teams, society, and happenings in the Albany government and at City Hall. It will also feature color pictures. Famed businessman Rupert Murdoch is the chairman of News Corp, which owns “The Wall Street Journal.” He took over "The Journal” in 2007, with the aim of competing directly with “The New York Times.” New editors and reporters were hired for the new section.
The launch is expected to cost about $30 million over the next two years. Newspaper sales in general have dropped substantially over the last few years, damaged in large part by the internet and the easy, constantly updated availability of news. Advertisers--and readers--may now have to make a choice as to which paper they decide to focus their attention--and money—on. Last year “The Wall Street Journal” passed “USA Today” as the most widely circulated publication, with over 2 million subscribers.
