Competition between
The New York Times and
The Wall Street Journal is heating up as the U.S economy sours. The
Journal's expanded news coverage and new lifestyle magazine are
starting to attract wealthy consumers and luxury advertisers from the
NYT, such as Saks, a
Times advertiser since 1924. Dolce & Gabbana SpA and LVMH Moet Hennessy have also started
advertising in the
Journal.
Circulation at both papers is also shifting. The
Journal's average individually paid circ rose 2.4% to 1.4 million as of September, compared to a
year ago, per the ABC. The
Times' slid 5.5% to 858,985 on that basis.
The Wall Street Journal owner, the News Corp., has the resources to keep investing in the newspaper,
despite the downturn, say experts. But the Grey Lady has not been as aggressive. "If this becomes a prolonged recession, it becomes an advertising war, and it becomes a matter of who can tough it out
longer," says Wachovia analyst John Janedis.
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