Dow Jones aims for half of revenue from print by 2009

by Staff, Brand Republic 19-Apr-07, 09:55

NEW YORK - Dow Jones & Co., publisher of the Wall Street Journal, is aiming to gain less than half its revenue from traditional print operations by 2009, its chief executive, Rich Zannino, has announced.

Analysts say that Dow Jones is one of the few newspaper companies to have successfully moved its content to the internet, according to Reuters.

It was indicated by the company, during its Annual General Meeting yesterday, that revenue is growing far more quickly from digital than print publications.

The Wall Street Journal U.S. print edition, owned by the company, saw its advertising revenue drop 1.8% in the first quarter of this year, while advertising revenue for the Dow Jones Online division rose 30% in comparison.

The Wall Street Journal has also announced the appointment of a new managing editor -- Marcus Brauchli, who will replace Paul Steiger, editor since 1991. Steiger, who has reached the company's mandatory retirement age, will become editor-at-large until the end of the year.

L. Gordon Crovitz, executive vice-president of Dow Jones & Co., said: "Marcus Brauchli is a superb journalist, who reported for Dow Jones Newswires and the Journal from more than 20 countries, and as global news editor oversaw Journal coverage from stock-market downturns to the September 11 terrorist attacks.

"More recently, as a deputy managing editor under Mr. Steiger, Mr. Brauchli led the news department in the highly successful Journal redesign that launched earlier this year, giving us great confidence that the Journal in print and online will thrive by continuing to engage readers with distinctive, only-in-the-Journal coverage."

Dow Jones also appointed a new chairman yesterday, M. Peter McPherson, to replace former chairman, Peter Kann, who retired after 43 years with the company.

Earlier this week the company reported its revenue increased to $507.2m (£253.2m), up 17.9% over the first quarter of 2006.