Journal Poaches Times' Ad Dollars

Expansion of coverage under Murdoch has lured high-end retailers to WSJ
By Harry Kimball,  Newser Staff
Posted Nov 21, 2008 5:45 PM CST
The Dow Jones news ticker is shown Wednesday, Aug. 1, 2007 in New York's Times Square. Rupert Murdoch sealed a deal to buy Wall Street Journal publisher Dow Jones & Co.   (AP Photo)
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(Newser) – 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.