New York Times (NYT) Now Losing Business To Wall Street Journal
Bloomberg: Saks Inc., a Times advertiser since 1924, recently chose to promote a new Chanel boutique and made-to-measure men's suits in the Journal. Owner Rupert Murdoch's expansion of general news coverage and a new lifestyle magazine are starting to attract wealthy consumers and create ad space for retailers, said Milton Pedraza, chief executive officer of Luxury Institute LLC.
``They certainly have become a significant part of the advertising mix for luxury brands where they were not before,'' said Pedraza, whose New York research group tracks the market for the most expensive lines of consumer goods and services. ``They're definitely stealing advertising dollars.''
And then there's the stats: The WSJ has a paid circulation of 1.4 million, up 2.4% y/y. The NYT: 859,000, down 5.5%. With more readers, the WSJ can charge more for ads, $264,426 for full page color vs. $193,800 at the NYT.
See Also:
The New York Times Slashes Dividend
Reducing Our Offer For The New York Times
How The New York Times Can Save Itself
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good riddance.
Every M&A deal Lance bought to the board for months before his "resignation" (and there several!) were shot-down. Each M&A deal would have advanced and accelerated the Times entry into the online world. It is true, because I knew those deals, that MOST (if not all) of those would have never panned out. The deals were costly and the technology was tenuous. But the learning and a commitment to the "new media" space at that time would have been incredible for the company. But it was not to be.
Just imagine what could have happened if the Times had cut a deal with two Stanford grads who had a simple search idea called "google." And yes, a commitment to the space would have brought the two companies together in the late 1990's.
None of today's crisis was unforeseen. It was simply a decision made jointly by Punch and Arthur Jr. (and don't call him Arthur Jr.). Ask Jim Cutie.
Today's GM/Ford/Chrysler management exemplify the same myopic vision that the Times had for a decade or longer now.
Rob