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June 28, 2005

Wall Street Writers Do Overtime

I am always shocked when our PR team calls a new publication to pitch a client and come to find out, it's the same staff at a parent magazine doing double the work. It's more common than you think. The team at Shape, often writes for Natural Health. Vogue writers burn the candle for Vogue Homme, Details writers stay up at night to finish Vitals. Heck, even Martha Stewart Living's team is pumping it up with test marketing and focus groups to see how a new publication for 18 - 35 year old women will stack up. And get this, they do this in addition to their daily duties as editors at their holding titles. It can take many test issues and several years before these new hybrid publications get their own staff. Fairchild and Conde Nast are the masters. We usually never hear about it at Hearst. However Fairchild is much more explorative with their new books, where Hearst has a set portfolio. It's not a surprise to us that starting September 15th, the Wall Street Journal will cycle a soft read for Saturdays. The question is, will they get paid overtime? Do they get another day during the week off? Are they staffing it separately? I don't think so....

The Journal's Weekend Edition will include the latest business and financial news and information, through the close of Friday's global markets, and will also feature an entirely new section, "Pursuits," extending the Journal's successful and innovative "Business of Life" franchise, which has grown from Weekend Journal (introduced in 1998) and Personal Journal (introduced in 2002).

Peter R. Kann, chairman and CEO of Dow Jones & Company, publishers of the Journal, said, "The Wall Street Journal Weekend Edition represents a significant profitable growth opportunity for Dow Jones and the Journal. It will further strengthen the Journal's preeminent position as the leading publication for business and expand its franchise to the benefit of readers, advertisers and shareholders."

The launch of the Journal's Weekend Edition is expected to be modestly dilutive of Dow Jones earnings in 2005. Richard F. Zannino, executive vice president and chief operating officer of Dow Jones, said, "Weekend Edition should propel long term revenues and profits for our flagship business and Dow Jones, and will be an integral part of our 2005-2007 strategic plan. By accelerating the momentum the Journal has built in consumer advertising over the past two and a half-years, it should enable us to diversify and moderate cyclicality in Journal ad revenues. We expect the Journal to post impressive earnings gains in 2005 even after the modest dilution of Weekend Edition, due to expected growth in core Journal advertising revenues, and cost containment made possible by initiatives already implemented in 2004."

Karen Elliott House, publisher of The Wall Street Journal, said, "The Journal's Weekend Edition will be the complete weekend guide to business and the business of life. For our readers-and for our advertisers as well-it will be a destination where the power of the Journal meets the pleasure of the weekend."

The Weekend Edition of the Journal will be delivered at no additional charge to all Journal subscribers, and will also be sold at newsstands across the United States. Subscribers will have the option of providing a separate address for weekend delivery; currently, 67% of Wall Street Journal subscribers receive their copy each day at home.

Paul E. Steiger, managing editor of the Journal, said, "My colleagues and I are tremendously excited about the chance to bring Journal-quality reporting and writing to the weekend, and particularly about the new Pursuits section we have in the works. We look forward to the opportunity to serve the most impressive and thoughtful group of readers anywhere even more often." The Wall Street Journal's Business of Life coverage has not only been a success with readers, but has also already enjoyed financial success, even in the challenging advertising climate of recent years. Annualized consumer advertising revenue in the Journal is up 24% from the end of 2001 through June 30 of this year. Personal Journal advertising revenues are up almost 60% so far this year. And Weekend Journal advertising revenues have increased at a compound annual rate of 17% since the section was launched in 1998.

The Wall Street Journal was published six days a week from its founding in 1889 until 1953, when, following the ending of Saturday trading on the New York Stock Exchange, publication was cut back to five days.

Advertisers who are interested in obtaining more information can contact Scott Schulman, senior vice president, sales and marketing of The Wall Street Journal, at 212-597-6044 or Jill Kaplan, general manager, consumer advertising sales, at 212-597-5750.

Posted by Stephen at June 28, 2005 12:41 AM

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