• Columbia Journalism Review, Wednesday, May 6, 2009 9:30 AM

There are reasons to fear that in the midst of a global financial crisis, arguably the biggest test a business newspaper could face, The Wall Street Journal is abandoning the values that have long distinguished it from rivals, says financial writer Liza Featherstone. The good news is that Murdoch is already making the newspaper a far more international paper, its Web site is more readable and relevant than before and its readership has increased.

At the same time, management has moved the paper toward a more terse, scoop-oriented form of journalism that they believe is more in keeping with the information age. Central to this strategy is the elevation of breaking news above the more considered coverage that has long been the Journal's trademark. Says editor Robert Thomson, "If a reader is used to the Web, he has developed a ruthless functionality in reading--just clicking on what he's interested in." Turning to a newspaper, that reader then "confronts this Neanderthal product. Taking four paragraphs to get to the point is too long."

But business experts advise companies to stick to their competitive advantage. "Do not seek to destroy your competitors by doing what they do," is their refrain. If Thomson doesn't guard closely his newsroom's salient competitive advantage, the Journal could end up like the new Coke.

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