Results matching “and redesigned wall street”

With the World's financial markets nose-diving and talk of an imminent deep recession, people are turning to newspapers to cut through the jargon and market turmoil and to tell them the truth. However, some newspapers stand accused of sensationalising the crisis in the pursuit of a dramatic front page and of being ill informed on the subject matter. General sentiment in the City of London, for instance, ranged from financial workers accusing the press of creating "complete hysteria" to "fanning the flames of the crisis". These severe reactions in the City, combined with an utterly confused public, sparks the question: how should a newspaper cover a global financial crisis?

The Financial Times has proved to be a port in the storm of screamer headlines and misinformed commentary. The Editors Weblog spoke to the Managing Editor of the FT, Daniel Bogler (left), about his views on the coverage and how his newspaper reacted as the crisis unfolded.

Firstly, Bogler agreed with the City's negative view on some of the mainstream media's coverage, saying, "It's unfortunate that the financial literacy and understanding of how things work in the City and of basic accounting and so on, is actually very thin in financial journalism. The FT, because we are a financial newspaper, take the stuff a lot more seriously. We hire people from the City... and also spend a lot of time, effort and money on training our people."

Rethinking the layout

Bogler reported that one of the key things the FT did when the magnitude of the story unfolding became clear was rethink the entire layout of the paper. To ensure that the FT provided enough space to deliver comprehensive coverage, it cleared the first four pages of previously planned stories and bumped them further inside. This shift in focus did result in other key news getting squeezed, but this highlights the newspapers keen news judgement on the significance of what was unfolding on trading screens throughout the world. The bar for a story to get onto the front page was suddenly raised.

Bogler said that not only did the FT clear the first four pages, but it also redesigned the front page to emphasise and reflect the newspaper's focused coverage. The FT's template for its front page is usually three or four stories and a taster section (long column down the side) for stories within (left). However, with its decision to provide focused coverage on the rapidly changing story, it now featured two stories on the financial meltdown and leads to the rest of its coverage.

To further provide space for reporting the story, it reorganised the letters page and also largely cleared its flagship Markets pages at the back.

Since the story broke, half of the Financial Times coverage in print and online has been entirely focused on the credit crisis. The paper is not only featuring pieces to assist and inform investment bankers, but also pieces that will be useful for the average individual. The Personal Finance section last Saturday did a special on how to manage your finances during the credit crash, with practical advice for everyone, from savers to those seeking information on their mortgage.
 
This flexibility in terms of layout is another key reason for its success in its treatment of the story; templates and layout do not dictate to the newspaper when a big story breaks.

Refocusing the team

Layout flexibility followed into the newsroom itself. From what Bogler reports, it appears that three key teams spearheaded the newspapers response to the global financial crisis. The teams were the Crisis Counsel (Chief Editors and senior editors), The Leader Conference (meeting for in-depth coverage) and, specifically, the Hit Team (the financial services (banks) reporters).

Crisis Counsel
As the story hit, a Crisis Counsel was called at around 10am with the Editor Lionel Barber, News Editor Robert Shrimsley and other senior editorial staff. It was here that the decision to clear the first four pages of the newspaper to focus on the meltdown was taken and a senior news editor was appointed to manage the pages. Furthermore, the decision to make this story the focal point for the newspaper was made, with the senior team then notifying the rest of the staffers.

Leader Conference
The team then moved on to the Leader Conference to inform them that in depth and "Leader" stories would now be on the market meltdown. Previously planned articles on the UK's Conservative political party were shelved and resources shifted for optimal reporting.

The Hit Team
The Hit Team strategy had previously been utilised by the FT during the Iraq War. The Hit Team - which consists of reporters and editors from the relevant beat for a story - co-ordinate the entire newsroom: deploying reporters, co-ordinating news flow, writing the front-page splash and managing the opening pages. The Team can also pull reporters off their beat to boost coverage of a topic, ie, an autos journalist can be drafted in to aid coverage of a banks story. The core of this unit for the crisis was, and still is - as this rapidly developing story still has legs - made up of ten financial services reporters in London and six or seven in New York. Staffers around the world also called in with their regions' story and any new angles developing. Bogler reported that the news editor and reporters around the world "shaped these pages relatively quickly."

The highly respected "Lex Column" was also given priority. It is a column that features widely read analysis and commentary from a group of reporters who previously worked in hedge funds and investment banks.

The payoff

As a result of its dedicated focus and clear and comprehensible content, FT.com's traffic has exploded. Page views have risen 300 per cent. Unique users are also up by 250 per cent.

When asked about the FT's competition, Bogler said, "Its unfortunate perhaps for the Wall Street Journal, having just been bought by Murdoch, that they have switched their interest to general news, political news and focusing on US politics at a time when US politics is just not the story. We have looked a bit more nimble."

Responsibility and ethics

Reflecting on this fast-changing story, the media coverage it has received, and the perceived "sensationalist" angle taken by other papers, Bogler said he is aware of the added pressure on the FT, "We do have an extra responsibility and we take it very seriously.  We do not 'fan the flames' of the crisis."

He went on to say, "It is in the nature of newspapers to write the most dramatic headline, the most dramatic copy and have the most dramatic picture, so you have impact on your readers.... this irresponsibility is kind of bred into the industry. You have to be very careful, you have to take a step back. A picture of someone with their head in their hands in front of a trading screen, is that the right picture?"
 

On Monday, October 6, the Boston Herald announced plans to launch its new design today.  This is the Herald's first front-to-back redesign since the early 1990's.

According to the Herald, the paper is reducing its physical size and will be printed on the same presses as a the Wall Street Journal.

It will also have more color and better, more consistent reproduction, according to an article in the Herald.

Sources: Visual Editors

The Wall Street Journal Online has signed a deal with Yahoo! which will enable Yahoo! users in the UK and Ireland to access its coverage of the US presidential election race.

WSJ.com's political blogs, 'Political Perceptions' and 'Washington Wire' will be available on a Yahoo! microsite specially created.

Tristan Leaver, director of business and audience development at the Wall Street Journal digital network for EMEA, said it is, "a very effective way for WSJ.com to raise brand awareness and expose our unparalleled content to a new UK audience."

In an interview with the EditorsWeblog in September, Deputy Editor of the Wall Street Journal, Alan Murray, said the brand had ambitious plans to expand internationally. This deal with Yahoo! looks like a significant step in pushing the Wall Street Journal brand and content to a European audience.

Source: Brand Republic

US: Newly redesigned WSJ site attracts 10 million users on re-launch day
US: Murdoch on the future of newspapers
US: Wall Street Journal to launch new website on Tuesday
Wall Street Journal unveils magazine supplement, WSJ
US: Wall Street Journal launches new mobile application
Murdoch: Newspapers willing to invest in new forms of delivery will prosper

Following in the footsteps of its rival, Wall Street Journal online, The New York Times has launched a new social network entitled, TimesPeople. According to The New York Times Company , the new network will provide "readers with a way to share their thoughts and recommendations about content with other readers, making their public activities on the site more open."

Members can share comments, recommendations and reviews with other users. Members will also have profile pages, be able to sign up for RSS feeds and sync their updates to Facebook.  

According to Marc Frons, chief technology officer, digital operations, TimesPeople was created "as a community built around sharing news and information, giving our readers a way to connect with other like-minded readers. It is a great way for our readers to discover content on the site they might not have otherwise."

The launch of TimesPeople follows the announcement of a redesigned Business section with added content.

Sources: The New York Times Company

The redesigned Wall Street Journal website attracted 10 million users on Tuesday, its opening day, according to Sapient, the interactive consulting agency behind the launch.

More developments are planned for the website, including extending its content triptych, which provides users with free premium information that they can use to customize the site.

Source: Brand Republic

Back in 2001, the Guardian newspaper asked, "Where have all the women gone?", and it is a question that has plagued the editors of leading British newspapers for the past two decades as only 41% of women - 10.3 million - read a daily UK newspaper (October to March 2008).
 
Genevieve Roberts, a former features writer and reporter for The Independent, now an advertising planner for McCann Erickson on the Evening Standard account, told me: "Almost every newspaper is trying to appeal to female readers. In crude commercial terms, females are the main shoppers in more than 50% of households, and advertisers want to appeal to people who shop so they have the opportunity to buy their product."

This is the crux of the issue, advertising is now more than ever driving the bottom-line of newspapers, and it is crucial that newspapers attract the right demographic to appeal to advertising agencies and businesses.

Without female readers, the advertisers will look elsewhere.

The Glossy Magazine Approach

Newspapers are tackling this problem in two distinctly different ways: the glossy/gossip magazine approach and the female interest approach.

Daily Mirror
(From July 2007 to December 2007: Female = 43%)

Daily Mirror Editor Richard Wallace has discretely changed the focus of the newspaper from the traditional male-orientated tabloid to appeal to women who buy popular weekly gossip magazines.

Andrew Higton, a sub-editor at The Mirror, told me that this marketing approach has involved a significant change in culture for the staff. Editors, reporters and sub-editors are often told to make copy more "female-friendly". This new approach is applied at all levels, for example, when President Nicolas Sarkozy of France visited the UK, subs were told to focus much of the story on Carla Brunei's outfits.

The Daily Mirror's shift towards the glossy magazine style has also involved changing the look of the whole newspaper in an attempt to make it more visually appealing to the female market. The newspaper has now gone full-colour, redesigned its features pages, covers female issues such as family life and children, and it contains more celebrity-focused pictures alongside the news stories.

Daily Express

This is also the approach that Richard Desmond's Daily Express is following. The newspaper is using its experience in the magazine market (Richard Desmond is the proprietor of the increasingly popular weekly glossy magazine, "OK!") to attract women readers. It is also the path that several of the new free daily newspapers are following, such as The London Paper, which regularly features celebrity stories on its front page.

The Female Interest Approach

Daily Mail

However, Helen Lewis, sub-editor at the Daily Mail, said to me that she is not so sure that the glossy magazine route is correct. She told me, "The problem lies in conflating 'female interest' with 'celebrity story', and although it's been a successful formula, I think it's one that's coming to the end of its usefulness in terms of shifting copies."

The Daily Mail is the most successful newspaper in the UK in terms of attracting female readers. In 1995 (Jan to Dec) 49% of its readers were female, in 2006 (Jan to Dec) this had grown to 52% and the figures for 2007 show that it had held onto this 52% demographic. The Daily Mail enjoys more female than male readers. However, it has not completely gone down the celebrity gossip/magazine style. Undoubtedly it does feature these kinds of stories, but it balances this with news stories and a style proven to attract female readers. According to the National Readership Survey, women care about news - it being their "main reason for purchase" - but they like to be told pretty briskly what has happened, but not what it all may or may not mean. The survey also indicates that British women are turned off by sport and are not too keen on finance.

A quick glance at the Daily Mail after reading this data shows how the Daily Mail has struck the right balance to appeal to the female demographic.

Genevieve Roberts told me during an interview on this issue: "In the UK, the Daily Mail has the highest percentage of female readers, and unsurprisingly, this increases its appeal for advertisers."

The Times
(From July 2007 to December 2007: Female = 42%)

The Times deliberately targets females with its T2 supplement magazine, just as the Guardian (from July 2007 to December 2007: Female = 46%) targets females with its supplement magazine, G2.

These magazins are not aimed solely at women, but The Times' chose to advertise to females when it re-launched the supplement, indicating the importance of female readers to this publication. In a £1m-plus campaign, they targeted a cross-section of women: professionals, housewives and mothers.

Wall Street Journal

The Wall Street Journal Online appears to agree with The Times and the Daily Mail's approach for attracting female readers. In May of this year it launched a new section aimed at a female audience, however, it is also not going down the glossy magazine route. WSJ Online executive editor Alan Murray told Reuters, "Our experience has shown us that there are a lot of business and professional women out there who crave not just fashion and beauty advice, but an intelligent news-oriented community where they can share experiences and swap ideas."

Early indicators point to the Female Interest Approach as having the most success, but only time will tell which strategy works in the long run. The battle lines have been drawn in one of the world's most aggressive newspaper markets, and it is certainly a battle that other editors will watch with interest.

Sources: Newspaper Marketing Agency, Brand Republic, Reuters

News Corp. has announced plans to further integrate its redesigned Wall Street Journal website and its News International holdings in the UK, such as the Times Online.

"It will be partly about tools, partly about deep linking to each other's content," said Anne Spackman, editor in chief of the Times Online. Spackman also suggested that similarities between The Sun and The New York Post may lead to integration between the two.

The Times had first announced plans for cross-selling advertising opportunities with WSJ. It now seems, however, that the integration will touch editorial as well as advertising content.
 
Speaking at the PPA conference, Spackman said: "We are increasingly linking to them around subjects of common interest. Our friends down under at news.com.au - we link to sport with them on cricket and rugby; with the Wall Street Journal, it will be the same on business. It will be an extremely useful thing in a way that it would never have been when we were only selling to our home audiences and when there was no power of the link."

In other news from the PPA conference, The Times, published since 1785, announced the beta launch of 200 years-worth of archive content on the web. The archives, which are supported by search technology from FAST, will be free to users initially, although subscription plans may be introduced down the line.

The Telegraph also unveiled plans to introduce user-generated content across its website.

Sources: PaidContentUK, Journalism.co.uk

The new Wall Street Journal debuts today. WSJ owner Rupert Murdoch has redesigned it to expand its "traditional, pin-striped base," according to Johnnie L. Roberts, Newsweek reporter. Murdoch still believes that "newspapers are the most influential media for shaping the public discourse, even in this new-media century."

The new Journal will feature:
- An increased focus on politics, international news, culture, and sports.
- A refocused front page.
- A relaunch of the A section that will cover general news.
- Marketplace, the second section, which will cover corporate America.
- Money and Investing, the third section, which will continue to report news of financial markets and investing.
- A weekly sports page.
- An additional op-ed page, so that it has 3 pages instead of 2.

Also, a culture section is being developed in the Journal's weekend edition for the fall.

The redesign of the paper is also Murdoch's challenge to The New York Times.

But many media and communication experts argue that the Journal will not be a threat to the Times even with all the changes; in fact, the changes may damage the Journal brand.

"Turning a paper into an old-fashioned variety show--we have a little of everything--I don't think is the route to success," said a former senior Dow Jones executive. "The risk you run is that you are not best at anything." 

Arthur Siskind, senior adviser to Murdoch, remarked that "the need to bolster and broaden the Journal's production and delivery is one reason [Murdoch's] battle with the Times will have to unfold gradually." Murdoch is in talks for local newspaper publishers to print the Journal, so the paper can be printed earlier and story deadlines can be extended.

Even so, the Times has faced some difficulties. Advertising has fallen almost 11%, (Read more at our sister blog SFN) "the sharpest drop in memory," the Times wrote. While it is cutting its staff by 100 (Read more at SFN), Murdoch has been spending money on WSJ's Washington bureau, seeking additional printing capacity, and developing the weekend magazine, WSJ.

"The New York Times has had broad coverage for 156 years now," New York Times CEO Janet Robinson said, "and from that perspective we are far advanced in the type of journalism we create and the type of advertising we bring into the paper."

Source: Newsweek through Paidcontent.org

 
Canada’s Globe and Mail debuted a redesigned edition Monday, featuring narrower pages and a new Globe Life magazine-style section; at the same time, the paper launched a new business and finance website.

The death of newspaper designer Edmund Arnold, on Feb. 2, opens insights on the way design has affected and affects newspapers and their content, and vice versa. More and more, the line of priority for content over design is being blurred.

Dow Jones & Co.'s fourth-quarter earnings rose sharply, fueled by the sale of its local newspapers.

Paul Steiger, managing editor of the Wall Street Journal (WSJ), spoke to I Want Media about the upcoming role of print newspapers. Although he said that “anything is conceivable” as far as the future of print goes, Steiger was also “very optimistic about print.” Politically correct mixed with sincere skepticism?