War at the Wall Street Journal
Page 31
James Murdoch's speech attacking the Falun Gong was widely reported at the time in a number of newspapers and criticized in the Wall Street Journal: Tunku Varadarajan, "Bad Company: Rupert Murdoch and His Son Genuflect Before Chinese Communists," March 26, 2001.
CHAPTER 13
The Journal story outlining Murdoch's relationship with his editors throughout his career appeared as "In Murdoch's Career, a Hand on the News: His Aggressive Style Can Blur Boundaries; 'Buck Stops with Me,'" by Steve Stecklow and Aaron O. Patrick in London, Martin Peers in Sydney, Australia, and Andrew Higgins in New York (June 5, 2007).
Murdoch's frustration with the delay in receiving an editorial independence proposal from the Bancroft family was relayed to me by a number of his associates. His comments to Reuters appeared under the headline "Murdoch: No Plans to Raise Dow Jones Bid" by Gabriela Baczynska (June 27, 2007).
Murdoch's unscripted interview with the New York Times appeared under the headline "Murdoch on Owning the Wall Street Journal," by Richard Siklos and Andrew Ross Sorkin, May 4, 2007.
CHAPTER 15
For Murdoch's lawyer's assertion that the mogul looks at reporters "as furniture," I relied on Sarah Bernard and Aaron Latham, "My God, What Trouble You Could Cause!" New York, July 6, 2008.
The New York Times and the Washington Post both covered the Minneapolis bridge collapse on their front pages: Libby Sander and Susan Saulny; Pat Borzi, Karron Skog, and Carla Baranauckas contributed reporting, "Bridge Failure in Minnesota Kills 7 People," New York Times, August 2, 2007; and Joe Kimball and Elizabeth Williamson, "Interstate Bridge Collapses into Mississippi River in Minneapolis," Washington Post, August 2, 2007. The same day, the Journal noted the collapse in a brief item in its "World-Wide" column for non-business news.
The Journal followed a day after with a story exploring the collapse's implications for infrastructure in the United States: Christoper Conkey, Daniel Machalaba, and Douglas Belkin, "Bridge Collapse Could Spur Infrastructure Fixes," August 3, 2007.
CHAPTER 17
Murdoch publicly discussed his view that he wanted to make WSJ.com free at an investor conference in September 2007. His comments were widely reported, including in the Journal: Sarah Ellison, "Murdoch's Choice: Paid or Free for WSJ.com?" September 19, 2007.
CHAPTER 18
My account of the dinner prior to the bureau chiefs' meeting is based primarily on my own observations of the cocktail party and dinner on the eve of the meeting. My account of the meeting itself is based on interviews with bureau chiefs and others who attended the meeting.
In addition, I relied on various internal Wall Street Journal memos, including a December 17, 2007, e-mail—"Bureau Chiefs' Meeting Agenda"—from Donna Davis to the Journal's bureau chiefs.
CHAPTER 20
I spent April 21, 2008, with Rupert Murdoch. Most of the events described in this chapter are based on my own observations of that day.
The dimensions of Murdoch's Boeing Business Jet were taken from the Boeing Business Jets Web site, http://www.boeing.com/commercial/bbj.
The circumstances of Rich Zannino's departure from Dow Jones were relayed to me by both Zannino and Murdoch and a number of current News Corp. executives and former Dow Jones executives. Murdoch's comment that he has "taken up offers like that in the past" came from an interview I conducted with Murdoch.
Murdoch commented on the Journal's front page that day (April 21, 2008), including on the article "Latest Attacks Roil Democrats."
The Journal's editorial coverage of Vincent Foster spanned several articles, including "Who Is Vincent Foster?" June 17, 1993.
Foster's note about the Journal editors was widely reported at the time, including in Jason DeParle, "A Life Undone—A Special Report; Portrait of a White House Aide Ensnared by His Perfectionism," New York Times, August 22, 1993.
Andrew Neil's account of his editorship at the Sunday Times is outlined extensively in his book Full Disclosure (London: Macmillan Publishers Ltd., 1996).
My description of the day Brauchli learned that News Corp. wasn't happy with his editorship is based on interviews with current and former News Corp. employees as well as several editors at the Journal.
The details of the duties and compensation for Dow Jones's editorial committee were outlined in "Meet the Editorial Committee: Our Task Under the News Corp.-Dow Jones Merger Agreement," Wall Street Journal, December 14, 2007; and "Text of Dow Jones Editorial Agreement," Wall Street Journal, August 1, 2007.
CHAPTER 21
My description of Robert Thomson's round of discussions with the Journal newsroom after Brauchli resigned is based on interviews with current and former Journal reporters as well as some press coverage at the time, including John Koblin, "Hands Still Wringing at Journal as Robert 'Head of Content' Thomson Takes Reins," New York Observer, May 6, 2008.
Thomson's view of the Journal was relayed to me by several people familiar with his thinking.
Gawker's coverage of Thomson's meeting with the Journal's "Money & Investing" section appeared as "Civil War at the Wall Street Journal" by Nick Denton, Gawker, April 30, 2008.
Thomson's interactions with Bill Grueskin were relayed to me by Grueskin.
Dow Jones's campaign to boost circulation to coincide with Murdoch's take-over was described to me by a former Dow Jones executive, who said, "It was a plan to create artificial success ... This is exactly what we planned to happen. What you don't see is how much marketing money is spent to get there."
CHAPTER 22
Thomson's appointment as managing editor of the Journal was widely reported and outlined in "Statement on New WSJ Editor," Wall Street Journal, May 20, 2008.
The speculation about who would take over the Journal newsroom appeared in a number of publications, including "Rupe Melding with UK Tabloid Editor?" Mediabistro.com, May 19, 2008.
Thomson's characterization of the New York Times as "sanctimony central" and his statement that the paper was full of "preening, posturing, and pretentiousness" were relayed to me by a number of Journal bureau chiefs present for his presentation to them at the bureau chiefs' meeting in January 2008.
Thomson's statement to a group of Journal reporters that editors should not stay in their jobs too long was relayed to me by a Journal reporter who heard the statement directly from Thomson.
Murdoch's assertion that the stories in the Journal were edited a "ridiculous" number of times was made publicly at the D: All Things Digital conference in May 2008, http://d6.allthingsd.com/20080529/video-rupert-murdoch-on-politics-obama-and-mccain/.
CHAPTER 23
The Journal's story that declared that the "American financial system was shaken to its core" appeared under the headline "Crisis on Wall Street as Lehman Totters, Merrill Is Sold, AIG Seeks to Raise Cash" by Carrick Mollenkamp, Susanne Craig, Serena Ng, and Aaron Lucchetti, September 15, 2008.
The Journal's history of rarely using banner headlines was relayed to me by Robert Christie, vice president for communications at Dow Jones.
Murdoch relayed his excitement about sitting in on the Journal's news meeting in September 2008 in an interview I conducted with him on November 10, 2008.
Reporters' quips about the disorganization of the Journal newsroom after News Corp.'s takeover and the new incentives News Corp. instituted in the newsroom come from interviews with current Journal reporters.
Ivanka Trump's comments to Thomson about the Journal's front page were relayed to me by several eyewitnesses.
The Columbia Journalism Review's assessment of the Journal's performance during the financial crisis appeared under the headline "In the Crisis, the Journal Falls Short: The Newspaper Is Missing the Moment," by Dean Starkman, December 24, 2008.
Thomson's announcement of his senior deputy Gerard Baker was widely noted in the press. His e-mail announcing the appointment appeared as "WSJ Announces Editorial Leadership Changes," PoynterOnline, June 19, 2008, http://www.poynter.org/forum/view_post.asp?id=13417.
My account of a Journal
editor's frustration with still being "on probation" with Thomson came from an interview with that editor.
Robert Thomson's memo to Dow Jones's reporters urging cooperation between the Journal and Newswires was sent as an e-mail to Dow Jones reporters and was picked up by Talking Biz News, "WSJ ME Thomson: Reporters Will Be Judged on Whether They Break News," by Chris Roush, March 19, 2009.
The coverage of Thomson's memo linked several reporters' departures to the changes News Corp. had instituted at the Journal, including Jeff Bercovici, "'Historic' Memo Leaves Feathers Ruffled at 'WSJ,'" Portfolio.com, March 24, 2009.
Josh Prager's goodbye e-mail was picked up by a number of outlets, including Politico.com: Michael Calderone, "Prager Leaves Journal: 'The paper and I were no longer a good fit,'" April 3, 2009.
Gerard Baker's comments about the Pulitzer committee were relayed to me by several reporters with whom Baker spoke directly.
EPILOGUE
Joseph Nocera's comments about the Journal originally appeared in an online column in the New York Times on August 29, 2008.
Various commentators voiced their impressions of the Journal in a piece by Scott Sherman in the May 11, 2009, issue of the Nation entitled "Has the 'Journal' Lost Its Soul?"
Robert Thomson's comments about the Journal and the New York Times initially appeared in a July 3, 2008, interview with BusinessWeek, "The Wall Street Journalist," by Jon Fine.
Index
Abdul Latif Jameel Company Ltd., [>]–[>]
Adelaide News, [>], [>]
Adler, Steve, [>]
AIG, [>]
Ailes, Roger, [>], [>]
Allan, Col, [>]
Allen, Herbert, [>]
Allen & Company, [>], [>]
American Idol, [>], [>], [>]
Atlantic Council, [>], [>], [>], [>]
Auletta, Ken, [>]
Australian, [>]
Aznar, José María, [>]
Baker, Gerard, [>], [>], [>], [>]–[>]
Baltimore Sun, [>]
Bancroft, Bettina
Hugh Bancroft III and, [>]
death of, [>], [>]
Dow Jones ownership/trusts and, [>]–[>]
Elisabeth Goth and, [>]
Hammer and, [>]–[>]
Klink and, [>]
Bancroft, Christopher
background of, [>]
and Bancroft family meeting, [>]–[>], [>]
Bancrofts (Bettina/Klink) and, [>]
Dow Jones board and, [>], [>], [>]
Elisabeth Goth and, [>], [>]
Leslie Hill and, [>]
in Murdoch's meeting with Bancroft family, [>], [>]
response to Murdoch's offer to buy Dow Jones, [>], [>], [>], [>], [>]
on sale of Dow Jones, [>]
statement on Dow Jones, [>]–[>]
Bancroft, Hugh, [>]
Bancroft, Hugh, Jr., [>], [>], [>], [>]
Bancroft, Hugh, III, [>], [>], [>]
Bancroft, Jane W. W., [>]-[>], [>]
Bancroft, Natalie, [>]
Bancroft family, [>], [>], [>]-[>], [>], [>], [>], [>], [>], [>], [>]–[>], [>], [>]
beginning of rifts in, [>]
and buyers for Dow Jones, [>]
in conversation between Lee and Zannino, [>], [>]
Billy Cox III and, [>]–[>]
and death of Jessie Bancroft Cox, [>]
Dow Jones board meetings and, [>]–[>]
Dow Jones CEO succession plan and, [>]
Dow Jones Oversight Committee and, [>]
Dow Jones ownership/trusts and, [>]–[>], [>]
at Dow Jones shareholder meeting, [>]
as dynasty, [>]
and editorial independence for WSJ, [>], [>]–[>], [>]–[>], [>]
Elefante and, [>]
Hammer and, [>], [>]
Kann and, [>], [>], [>]–[>]
Lee and, [>]
letters from WSJ staff to, [>]
Lowell and, [>]–[>]
meetings, [>]–[>], [>], [>]–[>], [>], [>], [>], [>]–[>], [>]–[>], [>], [>]–[>], [>]–[>]
and 9/11 terrorist attacks, [>]
response to Murdoch's offer to buy Dow Jones, [>], [>], [>]–[>], [>], [>], [>], [>]–[>]
on sale of Dow Jones, [>]–[>]
statement on Dow Jones, [>]–[>]
Zannino and, [>], [>]
See also names of individual family members
Bank of America, [>]
Barnett, Robert, [>], [>]
Barron, Clarence
Bancroft family and, [>]-[>]
Elisabeth Goth and, [>]
Hill family and, [>]
house of, [>]
Murdoch and, [>]
as purchaser of Dow Jones, [>]
trusts established for grandchildren of, [>]
Barron's, [>], [>]
Bartram, Ann, [>], [>]
Bartram, Stephen, [>], [>]
BBC, [>]
BBC News, [>]
Bear Stearns, [>]
Beattie, Richard, [>]–[>], [>]–[>]
Beck, Glenn, [>]
Berkshire Hathaway, [>]
Blair, Jayson, [>]
Blair, Tony, [>], [>]–[>]
Bloomberg, Michael, [>], [>]
Bloomberg LLC, [>]
Bloomberg News, [>], [>], [>]
Bobbitt, John, [>]
Bobbitt, Lorena, [>]
Boccardi, Lou, [>], [>]
Booker, Patricia, [>]
Borowitz, Andy, [>]
Boston News Bureau, [>]
Boston Red Sox, [>]
Brandes, Wendy, [>], [>]
Brauchli, Marcus
background of, [>]–[>]
as candidate for WSJ managing editor, [>]–[>], [>], [>]–[>]
and editorial independence agreement for WSJ, [>]–[>], [>], [>], [>], [>]
Leslie Hill and, [>]
Murdoch and, [>]–[>], [>]–[>], [>], [>]–[>], [>]–[>], [>], [>], [>], [>]
and Murdoch's offer for Dow Jones, [>]–[>], [>], [>], [>]
resignation of, [>], [>], [>]–[>], [>]–[>], [>], [>]
Steele and, [>]
Thomson and, [>]–[>], [>]–[>], [>]–[>], [>]–[>]
at WSJ after sale of Dow Jones, [>]–[>], [>], [>]–[>], [>], [>]
WSJ bureau chiefs' meeting and, [>]–[>]
at Washington Post, [>]
Bray, Tom, [>]
British Sky Broadcasting (BSkyB), [>], [>], [>]
Brokaw, Tom, [>]
Bronfman, Edgar, Jr., [>]
Brown, Tina, [>]
Browning, Jim, [>]–[>]
Buffett, Warren
Business Wire and, [>]
Billy Cox III and, [>], [>]
Elisabeth Goth and, [>], [>], [>], [>]
Sun Valley conference and, [>], [>]
Burkle, Ron, [>], [>]
Bush, George W., [>]
BusinessWeek, [>]
Business Wire, [>]
Bussey, John, [>]–[>], [>]
Byrd, Robert, [>]
Callaway, David, [>]
Campbell, Lewis, [>]–[>], [>], [>], [>]–[>], [>], [>]
Capital Cities/ABC, [>], [>]
Carter, Anna, [>]
Carter, Graydon, [>]
Centerview Partners, [>]
Chandler family, [>], [>], [>], [>]–[>]
Chelberg, Elisabeth Goth. See Goth, Elisabeth
Chelberg, Robert, [>], [>], [>], [>], [>]
Chemical Bank, [>]
Chernin, Peter, [>], [>], [>]
Chicago Tribune, [>], [>], [>]
China, [>], [>], [>], [>]–[>], [>], [>], [>]
Chinatown, [>]
Chloe (dinghy), [>]
Christie, Robert, [>], [>]
Citigroup, [>]
Clinton, Hillary, [>]
CNBC, [>]–[>], [>]
CNN, [>]
Columbia Daily Spectator, [>]
Columbia Journalism Review, [>], [>]
Condé Nast, [>]
Condé Nast Portfolio, [>]
Cook, Jane
Bancroft family and, [>]
Billy Cox III and, [>]
Hammer and, [>]
Kann and, [>]
Robes and, [>]
Steele and, [>]
trusts and, [>], [>]
Costa, Michael, [>]
CounterPunch, [>]
Cox, Beatrice, [>], [>]
Cox, Clarence, [>], [>]
Cox, Jessie
Bancroft family and, [>], [>]
Barron's house and, [>]
Bill Cox Jr. and, [>]
Billy Cox III and, [>], [>], [>]
death of, [>]
Dow Jones and, [>]-[>]
Hammer and, [>]
Hill family and, [>]
Michael Hill and, [>]
MacElree and, [>]
trusts and, [>], [>]
Cox, William, Jr.
on board of Dow Jones, [>]
Billy Cox III and, [>], [>]
Kann and, [>]
Lowell and, [>]