Murdoch's Wall Street Journal

The Wall Street Journal is one of the most esteemed publications in America. When it was purchased by Australian billionaire Rupert Murdoch two years ago, many reporters and media critics feared the paper would lose its prestige. Murdoch’s other American news outlets – the New York Post and FOX News Channel – are well-known for their slanted and tabloid-esque coverage. Would the same become true of the Wall Street Journal? The answer, so far, is no. Not only as the paper continued on just fine, some would say the coverage has improved.

This week’s announcement that the Journal would start a Metro section for New York coverage is the latest in Murdoch’s efforts to compete with The New York Times, a newspaper he longed to own, according to Michael Wolff, author of “The Man Who Owned the News.” Murdoch himself said as much in announcing the new section. “We believe that in its pursuit of journalism prizes and a national reputation, a certain other New York daily has essentially stopped covering the city the way it once did.” (http://www.google.com/hostednews/ap/article/ALeqM5jgH2uWQbLCKBoh-0HDLBR24S2X_wD9E6N1GG3). Way to be direct.

I think more coverage in a particular area is almost always a good thing. The fact that the Journal will provide more coverage on politics, business, culture, sports and real estate in New York, according to The Associated Press, is a benefit to readers and newsmakers. That said, I do wonder whether this will change the DNA of the newspaper, which prides itself on its financial coverage. The breadth and depth of financial stories has traditionally been seen as a reason why the Journal can charge subscribers for online content. As was mentioned in class on Monday, it is a large niche.

It sounds as though new reporters will be hired to provide Metro coverage. Assuming the financial coverage is maintained, then there is something to be gained. However, a 2008 study by the PEW Research Center found that under Murdoch’s ownership, the Wall Street Journal deemphasized financial coverage and gave more space to domestic and political stories. “Since the front page has a finite amount of space, that increase in political coverage seems to have come largely at the expense of business news. In the Murdoch era, coverage of corporate America has plunged by more than half—to 14 percent of the front-page space from 30 percent in the months before the sale,” according to the study. (http://www.journalism.org/node/10769).

Another sign the Journal may be reaching out to a wider audience? Look no further than today’s (March 3, 2010) edition. On the front page is a story on graffiti/street artists Banksy and Robbo. The article is about the feud the two have going on on the streets of London. As a Banksy fan, I thought this story was interesting, and very unexpected given the publication. I figured the paper was attempting to appeal to a younger demographic. And then my mother emailed me on the story – called it an “interesting read.” She also reminded me of the Journal’s history of running odd-duck type stories on the front page. So, maybe the more things change the more they remain the same?

(Originally a post for Medill class; March 2010).