Dow Jones plans move to N.Y. midtown
EmptyNEW YORK -- The Wall Street Journal is planning to move -- away from Wall Street.
Amid all the other changes going on at the financial newspaper of record, the Journal is planning to move to midtown Manhattan, away from its perch in the financial district where the Journal's parent company Dow Jones & Co. has its roots.
A person familiar with the matter confirmed Monday that Dow Jones plans to move, verifying reports in The New York Observer and The New York Times. This person spoke on condition of anonymity because the information had not yet been made public.
The Journal and Dow Jones may well end up in the same building used by Dow Jones' new owner, Rupert Murdoch's News Corp. The Journal is currently based in the World Financial Center, across from the site of the former World Trade Center and a few blocks from the street that gave the paper its name.
It's also possible the Journal and Dow Jones could use space in another building already used by the business side of Dow Jones, a few blocks south of News Corp.'s building on Sixth Avenue, this person said.
While the Journal has long operated in lower Manhattan, many employees have painful memories of the Sept. 11 terrorist attacks just across the street.
The paper had to abandon the building and use temporary office space from several other locations to put out the paper, including a building complex owned by Dow Jones in South Brunswick, N.J. as well as the Sixth Avenue office space.
News Corp. purchased Dow Jones last year for about $5 billion. Murdoch encountered opposition at first from the company's controlling shareholders, the Bancroft family, but was able to win over enough of them with his offer, which was 65% higher than Dow Jones' share price prior to his bid becoming public.
Earlier Monday, the Journal named Tina Gaudoin as the new editor for its glossy lifestyle magazine, which is expected to be launched in September. Gaudoin ran a quarterly magazine for Murdoch's The Times newspaper in London.
Meanwhile, The New York Times reported Monday that the Journal is making plans to start a sports page, a step toward Murdoch's strategy of expanding nonbusiness coverage. The Journal has covered the business of sports but has not covered the sports themselves extensively.
The Times, citing unnamed people briefed on the plan, said it was likely that a sports page will be created in the next few months, but it was not yet clear how often the page would appear or what kinds of articles it would contain.