On the same day that James Murdoch was fighting for his career at a parliamentary hearing on Thursday in London, Sony’s CEO Sir Howard Stringer was making fun of the whole situation an ocean away.
The Wall Street Journal, ever on the hunt for new ways to please its readers and new ways to make money (and what, we ask, is wrong with that?), will launch a new, pricier version this November. Called “The Wall Street Journal Professional Edition,” it is designed for business readers who want more than what the daily newspaper and website provide on their own.
The Wall Street Journal has been making plenty of hay about its rising circulation and the growing number of people online who are using the site, but parent company News Corp is cutting costs as the whole media business suffers from the recession. To that end, here is Dow Jones Chief Executive Les Hinton’s Monday memo on some benefits cutbacks that the company is instituting.
News Corp President and Chief Operating Officer Peter Chernin’s perks after he leaves News Corp at the end of June are basic compared with some legendary golden parachutes, though they’re still worth more money than I make in a year. Or 10 years for that matter.
from Summit Notebook:
We and the rest of the media world that covered News Corp and Rupert Murdoch's acquisition of Dow Jones & Co had no shortage of reporters at The Wall Street Journal telling us how bad life was going to get. Among the complaints was the paper's increasing focus on politics and non-business news. Wasn't this "diluting the brand" as they say in mediaspeak?
The rap on The Wall Street Journal, especially among those who get edited for a living there, is that the editing process could use a little streamlining. It looks like that’s about to happen, judging by Thursday’s memo from top editor Robert Thomson. This is part of a series of personnel changes taking place at the Journal since News Corp bought Dow Jones last year, including the resignations of top editor Marcus Brauchli and top U.S. editor Bill Grueskin:
Some Wall Street Journal staff have been grousing lately over the paper’s increasing devotion to political and general news because they worry that it will move business news off the front page — something that seems inimical to a paper with the name “Wall Street” in it.