View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

Wall Street Journal says advertising recovery has begun

By Paul McNally

The Wall Street Journal is already beginning to see a recovery in advertising revenues after a ‘period of darkness’ earlier this year, according to managing editor Robert Thomson.

Speaking at the Reuters Media Summit in New York yesterday, the former Times editor said advertisers were slowly returning to the Journal, which was acquired by Rupert Murdoch’s News Corp last year.

“You’re starting to see them emerge in the sunlight after this period of darkness,” he told the Reuters conference. “People are looking for a safe harbour in times of turbulence.”

His comments come in a period when a broad range of newspapers, magazines and broadcasters are announcing job cuts, pay freezes and budget revisions in the midst of the global financial crisis, which has hit advertising revenues.

But Thomson said print was valuable to advertisers because, unlike TV and radio which can operate in the background, consumers made an active decision to read a newspaper.

“The only multi-tasking that you can do while reading a newspaper is drink a cup of coffee,” he said.

Thomson added: “Some people are going to buy newspapers over the next few months, enjoy themselves and make a lot of money.

Content from our partners
MHP Group's 30 To Watch awards for young journalists open for entries
How PA Media is helping newspapers make the digital transition
Publishing on the open web is broken, how generative AI could help fix it

“We’re not planning to buy papers, but if you ask me, newspapers have been ridiculously oversold.”

Thomson was sent to New York along with former News International chief executive Les Hinton to put the News Corp stamp on the Wall Street Journal, beefing up its political, international and general news coverage.

“A business reader needs to know about Mumbai and what that means,” Thomson told Reuters. “The intelligent businesswoman or man knows they can no longer exist in splendid isolation.”

Broadening the Wall Street Journal’s coverage is a strategy that puts it in increasing competition with the Financial Times, where Thomson previously worked as US editor.

In the US, Thomson said the Wall Street Journal was looking to attract more readers in cities such as Los Angeles and Chicago by compensating for the drop in business coverage provided by local papers.

WSJ parent company Dow Jones has also announced it is launching a Japanese-language website in the first half of next year.

The Journal claims about 3.8m print and online subscribers around the world, about half of whom are in the United States.

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network