_THE WALL STREET JOURNAL_ is an American business-focused, English-language international daily newspaper based in New York City . The _Journal_, along with its Asian and European editions, is published six days a week by Dow Jones ">'s 1.7 million.
The newspaper has won 40 Pulitzer Prizes through 2017 and derives
its name from
The Journal also publishes the luxury news and lifestyle magazine _ WSJ. _.
* 1 History
* 2 Features * 3 _WSJ._ * 4 Operations * 5 Recent milestones
* 6 Editorial page and political stance
* 6.1 Economic views * 6.2 Political stance * 6.3 Bias in news pages
* 7 Notable stories and Pulitzer Prizes
* 7.1 1987: RJR Nabisco buyout * 7.2 1988: Insider trading * 7.3 1997: AIDS treatment * 7.4 2000: Enron * 7.5 2001: 9/11 * 7.6 2007: Stock option scandal * 7.7 2008: Bear Stearns fall * 7.8 2010: McDonald\'s health care * 7.9 2015: Malaysia Prime Minister Najib Razak and 1MDB * 7.10 2015–present: Theranos investigation
* 8 See also * 9 References * 10 Further reading * 11 External links
_ Front page of the first issue of The
The first products of Dow Jones & Company, the publisher of the _Journal_, were brief news bulletins, nick-named "flimsies," hand-delivered throughout the day to traders at the stock exchange in the early 1880s. They were later aggregated in a printed daily summary called the _Customers' Afternoon Letter_. Reporters Charles Dow, Edward Jones, and Charles Bergstresser converted this into _The Wall Street Journal_, which was published for the first time on July 8, 1889, and began delivery of the Dow Jones News Service via telegraph. In 1896, The " Dow Jones Industrial Average " was officially launched. It was the first of several indices of stock and bond prices on the New York Stock Exchange . In 1899, the _Journal'_s Review circulation was then around 7,000 but climbed to 50,000 by the end of the 1920s. Barron and his predecessors were credited with creating an atmosphere of fearless, independent financial reporting—a novelty in the early days of business journalism . In 1921, Barron\'s , America's premier financial weekly, was founded. Barron died in 1928, a year before Black Tuesday , the stock market crash that greatly affected the Great Depression in the United States. Barron's descendants, the Bancroft family , would continue to control the company until 2007.
The _Journal_ took its modern shape and prominence in the 1940s, a
time of industrial expansion for the
In 1967, Dow Jones Newswires began a major expansion outside of the
1971 to 1997 brought about a series of launches, acquisitions, and
joint ventures, including "
Factiva ", _
The Wall Street Journal Asia
Further information: OpinionJournal.com
A complement to the print newspaper, _The
On November 30, 2004,
Oasys Mobile and _The
Many of _The
In September 2005, the _Journal_ launched a weekend edition, delivered to all subscribers, which marked a return to Saturday publication after a lapse of some 50 years. The move was designed in part to attract more consumer advertising.
In 2005, the _Journal_ reported a readership profile of about 60 percent top management, an average income of $191,000, an average household net worth of $2.1 million, and an average age of 55.
In 2007, the _Journal_ launched a worldwide expansion of its website to include major foreign-language editions. The paper had also shown an interest in buying the rival _ Financial Times _.
The nameplate is unique in having a period at the end.
On September 5, 2006, the _Journal_ included advertising on its front page for the first time. This followed the introduction of front-page advertising on the European and Asian editions in late 2005.
After presenting nearly identical front-page layouts for half a
century—always six columns, with the day's top stories in the first
and sixth columns, "What's News" digest in the second and third, the
"A-hed" feature story in the fourth (with 'hed' being jargon for
headline ) and themed weekly reports in the fifth column – the
paper in 2007 decreased its broadsheet width from 15 to 12 inches
while keeping the length at 22 3⁄4 inches, to save newsprint
costs. News design consultant Mario Garcia collaborated on the
changes. Dow Jones said it would save US$18 million a year in
newsprint costs across all _The
The paper still uses ink dot drawings called hedcuts , introduced in 1979 and originally created by Kevin Sprouls , in addition to photographs, a method of illustration considered a consistent visual signature of the paper. The _Journal_ still heavily employs the use of caricatures , notably those of Ken Fallin , such as when Peggy Noonan memorialized then-recently deceased newsman Tim Russert . The use of color photographs and graphics has become increasingly common in recent years with the addition of more "lifestyle" sections.
The daily was awarded by the Society for News Design World's Best Designed Newspaper award for 1994 and 1997.
NEWS CORPORATION AND NEWS CORP
On May 2, 2007, News Corporation made an unsolicited takeover bid for Dow Jones, offering US$60 a share for stock that had been selling for US$33 a share. The Bancroft family , which controlled more than 60% of the voting stock, at first rejected the offer, but later reconsidered its position.
Three months later, on August 1, 2007,
News Corporation and Dow Jones
entered into a definitive merger agreement. The US$5 billion sale
On December 13, 2007, shareholders representing more than 60 percent of Dow Jones's voting stock approved the company's acquisition by News Corporation.
In an editorial page column, publisher L. Gordon Crovitz said the Bancrofts and News Corporation had agreed that the _Journal_'s news and opinion sections would preserve their editorial independence from their new corporate parent:
A special committee was established to oversee the paper's editorial integrity. When the managing editor Marcus Brauchli resigned on April 22, 2008, the committee said that News Corporation had violated its agreement by not notifying the committee earlier. However, Brauchli said he believed that new owners should appoint their own editor.
A 2007 _Journal_ article quoted charges that Murdoch had made and broken similar promises in the past. One large shareholder commented that Murdoch has long "expressed his personal, political and business biases through his newspapers and television stations". Former _Times _ assistant editor Fred Emery remembers an incident when "Mr. Murdoch called him into his office in March 1982 and said he was considering firing Times editor Harold Evans . Mr. Emery says he reminded Mr. Murdoch of his promise that editors couldn't be fired without the independent directors' approval. 'God, you don't take all that seriously, do you?' Mr. Murdoch answered, according to Mr. Emery." Murdoch eventually forced out Evans.
In 2011, _
The _Journal_, along with its parent Dow Jones ">'s editor-in-chief, Gerard Baker, announced that layoffs and consolidation to its sections would take place. In the memo, the new format for the newspaper will have a "Business & Finance" section that will combine its current "Business & Tech" and "Money & Investing" sections. It will also include a new "Life ">'s page count averaged as much as 96 pages an issue, but with the industry-wide decline in advertising, the Journal in 2009–10 more typically published about 50 to 60 pages per issue. Regularly scheduled sections are:
* Section One – every day; corporate news, as well as political
and economic reporting and the opinion pages
* Marketplace – Monday through Friday; coverage of health,
technology, media , and marketing industries (the second section was
launched June 23, 1980)
* Money and Investing – every day; covers and analyzes
international financial markets (the third section was launched
October 3, 1988)
* Personal Journal – published Tuesday through Thursday; covers
personal investments, careers and cultural pursuits (the section was
introduced April 9, 2002)
* Off Duty – published Saturdays in WSJ Weekend; focuses on
fashion, food, design, travel and gear/tech. The section was launched
September 25, 2010.
* Review – published Saturdays in WSJ Weekend; focuses on essays,
commentary, reviews and ideas. The section was launched September 25,
* Mansion – published Fridays; focuses on high-end real estate.
The section was launched October 5, 2012.
* WSJ Magazine – Launched in 2008 as a quarterly, this luxury
magazine supplement distributed within the U.S., European and Asian
editions of The
In addition, several columnists contribute regular features to the _Journal_ opinion page and OpinionJournal.com :
* Weekdays – Best of the Web Today by James Freeman
* Monday – Americas by Mary O\'Grady
* Wednesday – Business World by
Holman W. Jenkins Jr
* Thursday – Wonder Land by
* Friday – Potomac Watch by
* Weekend Edition – Rule of Law, The Weekend Interview (variety of
authors), Declarations by
Main article: WSJ.
_WSJ._ is _The
Launched as a quarterly in 2008, the magazine grew to 12 issues a
year for 2014. The magazine is distributed within the U.S. Weekend
Edition of _The
In 2012, the magazine launched its signature platform, The Innovator
Awards. An extension of the November Innovators issue, the awards
ceremony, held in
New York City
In 2013, _Adweek_ awarded _WSJ._ "Hottest Lifestyle Magazine of the Year" for its annual Hot List.
* U.S. Circulation: Each issue of _WSJ._ is inserted into the
weekend edition of _The
_ This section NEEDS ADDITIONAL CITATIONS FOR VERIFICATION . Please help improve this article by adding citations to reliable sources . Unsourced material may be challenged and removed. (July 2017)_ _(Learn how and when to remove this template message )_
* WSJ Live became available on mobile devices, including iPad , in
* _WSJ Weekend_, the weekend newspaper, expanded September 2010,
with two new sections: "Off Duty" and "Review".
* "Greater New York", a stand-alone, full color section dedicated to
the New York metro area, launched April 2010.
EDITORIAL PAGE AND POLITICAL STANCE
Further information: The
The _Journal_ won its first two Pulitzer Prizes for editorial writing in 1947 and 1953. Subsequent Pulitzer Prizes have been awarded for editorial writing to Robert L. Bartley in 1980 and Joseph Rago in 2011; for criticism to Manuela Hoelterhoff in 1983 and Joe Morgenstern in 2005; and for commentary to Vermont Royster in 1984, Paul Gigot in 2000, Dorothy Rabinowitz in 2001, Bret Stephens in 2013, and Peggy Noonan in 2017.
Two summaries published in 1995 by the progressive blog Fairness and Accuracy in Reporting , and in 1996 by the _Columbia Journalism Review _ criticized the _Journal_'s editorial page for inaccuracy during the 1980s and 1990s.
The Journal describes the history of its editorials:
They are united by the mantra "free markets and free people", the
principles, if you will, marked in the watershed year of 1776 by
Its historical position was much the same. As former editor William H. Grimes wrote in 1951:
On our editorial page we make no pretense of walking down the middle of the road. Our comments and interpretations are made from a definite point of view. We believe in the individual, in his wisdom and his decency. We oppose all infringements on individual rights, whether they stem from attempts at private monopoly, labor union monopoly or from an overgrowing government. People will say we are conservative or even reactionary. We are not much interested in labels but if we were to choose one, we would say we are radical. Just as radical as the Christian doctrine.
Every Thanksgiving the editorial page prints two famous articles that have appeared there since 1961. The first is titled _The Desolate Wilderness_, and describes what the Pilgrims saw when they arrived at the Plymouth Colony . The second is titled _And the Fair Land_, and describes the bounty of America. It was written by a former editor, Vermont C. Royster , whose Christmas article _In Hoc Anno Domini_, has appeared every December 25 since 1949.
During the Reagan administration , the newspaper's editorial page was particularly influential as the leading voice for supply-side economics . Under the editorship of Robert Bartley , it expounded at length on economic concepts such as the Laffer curve , and how a decrease in certain marginal tax rates and the capital gains tax could allegedly increase overall tax revenue by generating more economic activity.
In the economic argument of exchange rate regimes (one of the most
divisive issues among economists), the _Journal_ has a tendency to
support fixed exchange rates over floating exchange rates . For
example, the _Journal_ was a major supporter of the
Chinese yuan 's
peg to the dollar, and strongly disagreed with American politicians
who criticized the Chinese government about the peg. It opposed
China's move to let the yuan gradually float, arguing that the fixed
rate benefited both the
The _Journal_'s views compare with those of the British publication _ The Economist _, with its emphasis on free markets. However, the _Journal_ demonstrates important distinctions from European business newspapers, most particularly in regard to the relative significance of, and causes of, the American budget deficit . (The _Journal_ generally points to the lack of foreign growth, while business journals in Europe and Asia blame the low savings rate and concordant high borrowing rate in the United States).
The _Journal_\'s editorial pages and columns , run separately from the news pages, are highly influential in American conservative circles. As editors of the editorial page, Vermont C. Royster (served 1958–1971) and Robert L. Bartley (served 1972–2000) were especially influential in providing a conservative interpretation of the news on a daily basis. Some of the _Journal'_s former reporters claim that the paper has adopted a more conservative tone since Rupert Murdoch 's purchase.
The editorial board has long argued for a pro-business immigration policy. In a July 3, 1984 editorial, the board wrote: "If Washington still wants to 'do something' about immigration, we propose a five-word constitutional amendment: There shall be open borders ." This stand on immigration reform places the _Journal_ in contrast to most conservative activists, politicians, and media publications for example _ National Review _ and _ The Washington Times _, who favor heightened restrictions on immigration.
The _Journal_'s editorial page has been seen as critical of many
The editorial board of _The
BIAS IN NEWS PAGES
The _Journal_'s editors stress the independence and impartiality of their reporters.
In a 2004 study, Tim Groseclose and Jeff Milyo argue the _Journal_'s news pages have a pro-liberal bias because they more often quote liberal think tanks. They calculated the ideological attitude of news reports in 20 media outlets by counting the frequency they cited particular think tanks and comparing that to the frequency that legislators cited the same think tanks. They found that the news reporting of _The Journal_ was the most liberal (more liberal than NPR or _ The New York Times _). The study did not factor in editorials. Mark Liberman criticized the model used to calculate bias in the study and argued that the model unequally affected liberals and conservatives and that "..the model starts with a very peculiar assumption about the relationship between political opinion and the choice of authorities to cite." "think tank ideology only matters to liberals."
The company's planned and eventual acquisition by
News Corp in 2007
led to significant media criticism and discussion about whether the
news pages would exhibit a rightward slant under
NOTABLE STORIES AND PULITZER PRIZES
The _Journal_ has won more than 30 Pulitzer Prizes in its history. Staff journalists who led some of the newspaper's best-known coverage teams have later published books that summarized and extended their reporting.
1987: RJR NABISCO BUYOUT
In 1987, a bidding war ensued between several financial firms for tobacco and food giant RJR Nabisco . Bryan Burrough and John Helyar documented the events in more than two dozen _Journal_ articles. Burrough and Helyar later used these articles as the basis of a bestselling book, _Barbarians at the Gate: The Fall of RJR Nabisco _, which was turned into a film for HBO.
1988: INSIDER TRADING
In the 1980s, then _Journal_ reporter James B. Stewart brought national attention to the illegal practice of insider trading . He was awarded the Pulitzer Prize in explanatory journalism in 1988, which he shared with Daniel Hertzberg , who went on to serve as the paper's senior deputy managing editor before resigning in 2009. Stewart expanded on this theme in his book, _Den of Thieves _.
1997: AIDS TREATMENT
David Sanford, a Page One features editor who was infected with HIV in 1982 in a bathhouse, wrote a front-page personal account of how, with the assistance of improved treatments for HIV, he went from planning his death to planning his retirement. He and six other reporters wrote about the new treatments, political and economic issues, and won the 1997 Pulitzer Prize for National Reporting about AIDS.
Jonathan Weil , a reporter at the Dallas bureau of _The Wall Street Journal_, is credited with first breaking the story of financial abuses at Enron in September 2000. Rebecca Smith and John R. Emshwiller reported on the story regularly, and wrote a book, _24 Days_.
The _Journal_ claims to have sent the first news report, on the Dow Jones wire, of a plane crashing into the World Trade Center on September 11, 2001. Its headquarters, at One World Financial Center , was severely damaged by the collapse of the World Trade Center just across the street. Top editors worried that they might miss publishing the first issue for the first time in the paper's 112-year history. They relocated to a makeshift office at an editor's home, while sending most of the staff to Dow Jones's South Brunswick, N.J. , corporate campus, where the paper had established emergency editorial facilities soon after the 1993 World Trade Center bombing . The paper was on the stands the next day, albeit in scaled-down form. Perhaps the most compelling story in that day's edition was a first-hand account of the Twin Towers' collapse written by then-Foreign Editor (and current Washington bureau chief) John Bussey, who holed up in a ninth-floor Journal office, literally in the shadow of the towers, from where he phoned in live reports to CNBC as the towers burned. He narrowly escaped serious injury when the first tower collapsed, shattering all the windows in the _Journal_'s offices and filling them with dust and debris. The _Journal_ won a 2002 Pulitzer Prize in Breaking News Reporting for that day's stories.
The _Journal_ subsequently conducted a worldwide investigation of the
causes and significance of 9/11, using contacts it had developed while
covering business in the Arab world. In
2007: STOCK OPTION SCANDAL
In 2007, the paper won the Pulitzer Prize for Public Service , with its iconic Gold Medal, for exposing companies that illegally backdate stock options they awarded executives to increase their value.
2008: BEAR STEARNS FALL
Kate Kelly wrote a three-part series that detailed events that led to the collapse of Bear Stearns .
2010: MCDONALD\'S HEALTH CARE
A report published on September 30, 2010 detailing allegations McDonald\'s had plans to drop health coverage for hourly employees drew criticism from McDonald's as well as the Obama administration. The WSJ reported the plan to drop coverage stemmed from new health care requirements under the Patient Protection and Affordable Care Act . McDonald's called the report "speculative and misleading," stating they had no plans to drop coverage. The WSJ report and subsequent rebuttal received coverage from several other media outlets.
2015: MALAYSIA PRIME MINISTER NAJIB RAZAK AND 1MDB
In 2015, a report published by the _Journal_ alleged that up to US$700 million was wired from 1MDB , a Malaysian state investment company, to the personal accounts of Malaysia Prime Minister Najib Razak in AmBank , the fifth largest lender in Malaysia. Razak responded by threatening to sue the New York-based newspaper.
The report prompted some governmental agencies in Malaysia to conduct an investigation into the allegation.
2015–PRESENT: THERANOS INVESTIGATION
In 2015, a report written by the _Journal'_s John Carreyrou alleged that blood testing company Theranos ' technology was faulty and founder Elizabeth Holmes was misleading investors. According to _Vanity Fair _, "a damning report published in _The Wall Street Journal_ had alleged that the company was, in effect, a sham—that its vaunted core technology was actually faulty and that Theranos administered almost all of its blood tests using competitors' equipment." The _Journal_ has subsequently published several reports questioning Theranos' and Holmes' credibility.
New York City
The Economic Times _
Far Eastern Economic Review _
Index of Economic Freedom _ – an annual report published by the
_Journal_ together with
The Heritage Foundation
Journal Editorial Report _, the weekly
Fox News Channel series
featuring WSJ editorial writers and board members
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The Wall Street Journal Asia
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