The Wall Street Journal has hit back at The New York Times for running a “misleading” story about its performance.
The New York Times reported yesterday that the WSJ’s circulation growth was due to heavy discounting, and that News Corporation, who bought the title for $5bn in 2007, was regretting the purchase.
But, in a statement on its website, the Wall Street Journal said: ‘The Wall Street Journal today responds to a New York Times story that ran in its business section today, which provided its readers with misleading information about the Journal’s circulation strategy.
‘The New York Times wrongly reported that the Journal’s circulation growth is due to heavy discounting, and that the use of this tactic had increased since the News Corp takeover.
‘Like most subscription newspapers, the Journal uses discounted offers to attract new subscribers. However, in 2008 the Journal moved away from deep discounting and raised the introductory offer and newsstand pricing by nearly 40 per cent.
‘Even with higher prices across the board, individually paid circulation continues to grow in an industry that is largely shrinking.
‘Print circulation revenue for the most recent quarter was up by nearly 9 per cent over the year prior.”
Paul Bascobert, chief marketing officer for Dow Jones & Company and The Wall Street Journal said: ‘The New York Times may choose to speculate and offer its opinions in its business coverage, and there were many erroneous assumptions and speculations made in the story.
‘However, regarding our circulation strategy and recent strong success, the Times simply got it wrong today.”
The Wall Street Journal said its ‘Monday through Friday edition grew individually paid subscribers 2.4 per cent’in the most recent ABC reporting period.