Former Wall Street Journal managing editor (and now Carlyle Group senior advisor) Norman Pearlstine says he doesn’t often bet against Rupert Murdoch. But he thinks the new politics-heavy WSJ is headed for problems in early November.
Pearlstine, speaking to the Argyle Executive Forum in New York, said the new WSJ’s focus on the horse race makes sense, because there’s a horse race. But “it will be interesting to see if that can be sustained after the election… an awful lot of Journal subscribers made the decision to buy it because they didn’t want general news–they wanted specialised coverage they couldn’t get elsewhere.”
Pearlstine’s critique isn’t a new one: It’s more or less the conventional wisdom about Rupe’s plan at this point. We have a hunch that Marcus Brauchi may have had the same argument. And now he’s also a former WSJ managing editor.
Token caveat from Pearlstine: “For any of us to sit in this room to bet against Rupert and his vision is brave, but he has made mistakes along the way–TV Guide comes to mind–so he’s not infallible.”