Archive for October 18th, 2007

McGraw talks up BusinessWeek redesign


2007
10.18

On its third quarter conference call Thursday, McGraw-Hill CEO Terry McGraw talked about the recently redesigned BusinessWeek.

BusinessWeekMcGraw said, “I also urge you to take a look at the newly redesigned Business Week, starting with the October 22nd issue. The re-launch of the Business Week is the product of 18 months of research among readers and non-readers, to gain a better understanding of today’s business information consumers. Editor-in-chief, Stephen Adler, has reconceived the publication; and, in the spirit of the new Internet age, will direct his editorial team to sort, to clarify, to illuminate the important developments for an audience of more than 4.8 million readers each week. That means offering other smart perspectives from around the world alongside stories developed by Business Week in a multi-channel endeavor.

“The goal is to solidify Business Week’s leadership as a multi-platform global business media organization and build on healthy circulation statistics. News stand sales, a key indicator of editorial vitality, are up 25% in the first half. The average price for subscribers is up 1%. Overall circulation is very steady.”

Read more here.

Crovitz bullish about Dow Jones online properties


2007
10.18

Wall Street Journal publisher Gordon Crovitz and Dow Jones & Co. CEO Rich Zannino talked on the company’s earnings conference call Thursday about the potential that exists with its online web sites.

Gordon CrovitzCrovitz said, “As we said, we will soon hit a million paying subscribers to the Online Journal. Barron’s Online, at well over 100,000, is now the second-largest subscription news site in the world, thus surpassing the Financial Times.

“So we’ve known with the Online Journal that we’ve had the best business site. We think we’ve had the best business model for it. The opportunity and the challenge now is can we be both the best and the largest? And at 10 million uniques for the online Journal, obviously a million of those subscribers, we’re on our way but we’re not the biggest.

“So is there a way to continue to expand our audience while maximizing the profitability of our online operations? We think there are some interesting opportunities to do that but I think it is important as outsiders look at our model, to understand that for many years now, we’ve had a hybrid model where most of our unique users, even before the acquisition of MarketWatch, have been to open content, even as we’ve had very fast-growing number of subscribers to the online Journal.

“So we’ve had the best of both worlds. We’re now very focused on how do we also be the largest source of business and financial news online.”

The full transcript can be found here.

Murdoch happy so far with Fox Biz Network


2007
10.18

At the Web 2.0 conference in San Francisco, News Corp. CEO Rupert Murdoch expressesd his satisfaction with how Fox Business Network has performed during its first week, Reuters reported Thursday.

Rupert MurdochReuters wrote, “‘It’s two and a half to three days old and looks just terrific,’ News Corp Chairman and Chief Executive Murdoch said at the Web 2.0 conference in San Francisco.

“‘Everybody, even in the industry, (recognizes) how different it is to CNBC, which is half-dead,’ he said.

“Asked if he really viewed CNBC, controlled by General Electric Co., in such terms, he said: ‘No it makes like 300 million bucks … it’s not half-dead.’

“Fox Business executives say they are aiming for a wider audience than that of CNBC, which is available in more than three times as many homes.”

Read more here.

Former CNBC anchor Claman joins Fox Business Network


2007
10.18

Former CNBC anchor Liz Claman, who left the NBC network earlier this year, has officially joined Fox Business Network as its daytime anchor, the new business network announced Thursday.

Liz ClamanThe release stated, “In her new role at FBN, Claman will co-anchor the afternoon weekday business block from 2:00-5:00 PM EST with David Asman beginning on Monday in studio.

“In making the announcement, [Fox News executive vice president Kevin] Magee said, ‘We are thrilled to welcome Liz to FBN. She has a tremendous reputation in the marketplace for her ability to cover serious business and economic issues that impact everyday Americans.’

“Claman added, ‘I’m excited to join the team at FBN. This is a tremendous opportunity for me to contribute to a new business news network and cover the markets and Wall Street in a way that reaches a broader audience.’

“Since 1998, Claman has served as an anchor at CNBC, most recently on Morning Call and Cover to Cover. Prior to that, she anchored Wake Up Call, Market Watch and Today’s Business. While there, Claman interviewed major financial newsmakers including Buffett, Commerce Secretary Carlos Gutierrez and former Treasury Secretary John Snow.”

Read more here.

Talking with Cramer about Fox Business


2007
10.18

Joe Rauch of The Atlanta Business Chronicle talked Friday with CNBC “Mad Money” host Jim Cramer about what he thought about TV business journalism and the launch of rival Fox Business Network.

Jim CramerHere is an excerpt:

Q: What’s your view of Fox’s entry into business news? Can it successfully compete?

A: My friend Cody [Fox Business Happy Hour host Cody Willard] is doing a show for them. They’re looking at it as a way to get to the people on Main Street. Cody’s show is live from a bar in New York. I don’t know whether its right or not. I wouldn’t do my show from a bar, because I’ve got kids and I think that would be inappropriate. But I do think they’ve brought on good people, and I’ve worked with Roger Ailes, who I think is very smart.

But I think reasonable people would disagree with a new business channel. Because its very much a “Best Man Wins” situation. You only really need one business news channel. I know the space pretty well, and there’s only so much you can do with business news. We have people on our network who are personalities and people who break news.

But its not like CNN and Fox News. You can’t really take a particular slant with it. One can’t be right wing and one can’t be left. You can’t be pro-government, while the other guy is anti-government.

Another paper sells sponsorship to biz column


2007
10.18

The Spokane Spokesman-Review announced Thursday that a local financial institution will sponsor a column in its business section.

Spokesman-ReviewIt joins the Philadelphia Inquirer, which announced earlier this year that a bank there would sponsor a business news column.

An item on the Daily Briefing blog run by the newspaper stated, “Melodie Little’s “Here’s The Dirt” column will be sponsored by Sterling Savings and Loan.

“‘Are we monetizing content now?’ asked business editor Alison Boggs. Even though this sponsorship is for a column and not a business or news story, sponsorship and money make up one big congealed scary thought for journalists, because it creates a conflict of interest when it comes to providing news coverage on a company that happens to give money.”

Read more here.

Economist puts entire archives online


2007
10.18

The Economist magazine plans to put 160 years worth of its articles online, writes Stephen Brook of The Guardian newspaper.

The EconomistBrook wrote, “‘The Economist Historical Archive is more than a database — it is a remarkable record of the most significant world events over the past 160 years through the unbiased, probing eyes of the Economist,’ said John Micklethwait, the magazine’s editor-in-chief.

“The magazine, which has a worldwide print circulation of more than 1.2m, hopes to target educational institutions, public libraries, government organisations, corporations and financial institutions.

“Users can search or browse by issue and date, or use more advanced search options such as sections of the paper, article type or article title.”

Read more here.

Not your grandfather’s business network


2007
10.18

BusinessWeek’s Ron Grover examines the launch of the new Fox Business Network and concludes that despite a few glitches, the launch has been a success.

Fox Business NetworkGrover wrote, “Sure, the News Corp. offering has the look, feel, and gravitas of the other business news channel, the incumbent CNBC, controlled by General Electric. Fox has its own ‘Money Honey’ reporting from the New York Stock Exchange floor in Nicole Petalides, who doesn’t have the stature of CNBC’s Maria Bartiromo but works the floor with the same gusto. Yet Fox Business, which promotes itself with on-air promos that declare ‘finally, a second opinion,’ also has a guy named Cody Willard.

“Co-anchor Willard, a former hedge-fund trader, is Fox Business’ long-haired, all-black-wearing alter ego. Along with longtime Fox News correspondent Rebecca Gomez, Willard patrols the Bull & Bear bar at Manhattan’s Waldorf Astoria Hotel grinning through FBN’s after-market-close show, Happy Hour. Mixing interviews with out-of-nowhere investment pearls, Willard chomps cheese during one segment, flaunting his, shall we say, romantic abilities while crowding a table of friends. Willard also ogled Ivanka Trump in a segment in which she talked about real estate, The Apprentice, and those gaudy baubles.

“Does Fox Business have a chance? You bet. And if I were top NBC executive Jeff Zucker I’d be hustling full-time to stay ahead. FBN may have just a third of CNBC’s households (for now, FBN is available only on a little more than 30 million households served by the country’s satellite or cable TV systems), but that’s temporary. Especially since Murdoch is famous for spending and spending big to launch his progeny.”

Read more here.

Advertising down, subscriptions up at WSJ


2007
10.18

Dow Jones & Co., the parent of The Wall Street Journal, reported third-quarter earnings Thursday in which it disclosed that advertising at the paper was down during the third quarter, but subscriptions rose.

Dow JonesThe company’s release stated, “Advertising revenue at the Wall Street Journal U.S. print edition declined 2.9% (on a 13.6% decline in volume) primarily due to a sharp decline in technology advertising revenue which more than offset increases in financial and general (both B2B and consumer) advertising. This decline was partially offset by a 7.8% increase in advertising revenue at The Wall Street Journal Digital Network.

“Consumer Media had an operating loss of $4.2 million in the third quarter, seasonally its weakest quarter, which was a significant improvement over its loss of $18.0 million in the third quarter of 2006, due to cost-saving initiatives and strong profit leverage on increased revenues. Adjusted for acquisitions, Consumer Media revenue increased 0.9%, while the segment had an operating loss of $3.2 million, which was a significant improvement from the prior year’s loss of $18.7 million.

“Paid subscribers to The Wall Street Journal Online grew 25.5% in the third quarter to 989,000 driven in part by the success of an offer for new subscribers to receive both the print and Online Journal.”

Read more here.