Rupert Murdoch Spending $15 Million On A New York Edition Of The Wall Street Journal

wall street journal

Rupert Murdoch has budgeted $15 million to launch a New York edition of the Wall Street Journal, John Koblin at the New York Observer reports.

The new section will be like a New York Sun on steroids, says Koblin, referring to conservative paper that closed down in 2008.

This is Rupert’s most direct shot at the New York Times, whose coverage of the city has been slimmed in the past few years:

“You could drive a truck through the space between the wonderfully titillating tabloids and the perceived self-seriousness of The Times,” said Stefan Friedman, a public-relations specialist at KnickerbockerSKD. “There is a need and a want.

“With the elimination of the metro section, space in The Times is extremely competitive,” he continued. “There are maybe eight stories in the metro section each day. Take away breaking news and you’re down to half that. That’s where you can reach lawmakers, and with the area being so crowded, [The Journal has] a real opportunity from the PR side.”

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