The New York Times and the Wall Street Journal are in an advertising war, and it appears the Journal is winning, Bloomberg reports. Notable accounts, particularly in the luxury market, are fleeing to the Times’ rival. “They’re definitely stealing advertising dollars,” one analyst said of the Journal, which has broadened the scope of its coverage since Rupert Murdoch’s takeover last year.
“When somebody says he’s willing to spend the bank to become the new version of the New York Times, you watch them closely,” an exec said of Murdoch’s aggressive approach. Though both companies have seen their stock fall precipitously this year, the Journal appears more proactive, and confident. “We are way ahead, and we are getting further ahead,” its managing editor said.