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 3/10 Fair --- gawker.com http://gawker.com/posts/nicknotned/feed.xml
| Gawker is the Manhattan media gossip sheet. ... |
Wednesday, June 25, 2008 --- 65 days ago http://gawker.com/tag/wall-street-journal/?i=5019557&t=why-the-journal-wont-fall
 From the New York Observer's accounting of the "diaspora" from the Murdoch-owned Wall Street Journal , one would think the business newspaper was melting down under its new régime. The Observer's Koblin lists 24 departures and the exodus tallies with the word reaching anyone with friends at the paper: morale is so low that anonymous leaking provides one of the few sources of entertainment for the more sullen veterans. But Murdoch lieutenant Robert Thomson can take his time on newsroom surgery at the Journal ; the patient isn't going anywhere. Let's put aside the fact that most of the departed reporters and editors have been pushed out, or left under the old guard, as an exasperated commenter notes . But, more importantly, even if the Journal's talents were inclined to leave, there's nowhere in today's faltering business media for them to go. Five ex-WSJers have ended up at Portfolio , and three at the NYT; the rest are scattered amongst other financial news outlets ( Forbes, Fortune, BusinessWeek , the FT , etc.) and the higher-paying fields of PR and finance. Here's the problem: not a single one of those outlets that is scooping up the Journal' s castoffs is doing better than the Journal itself. The paper is the only one in America actually investing in financial news; elsewhere, it's simply a shrinking field. The big three financial magazines are all in more or less perilous positions. The Economist 's upper ranks are a good gig, but ... |
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