Journal Starts Monthly Magazine

The Wall Street Journal will announce today that it is launching a monthly glossy magazine called Pursuits, designed to explore "the world of wealth," according to the Journal's publisher, Dow Jones & Co.

Aimed at building the Journal's consumer advertising revenue, including from luxury-goods and travel advertisers, the new magazine is expected to launch next September, distributed with the Journal's Saturday edition. Its content will be made available free online, outside the Journal's paid subscription wall.

Plans for the new magazine were completed last week at a meeting between Dow Jones executives and Rupert Murdoch, chief executive and chairman of News Corp., which has agreed to buy Dow Jones for more than $5 billion.

The Journal has used the Pursuits name as the title of the lifestyle section of its Saturday edition since launching the Saturday paper two years ago, but it dropped the name this past weekend. The name Weekend Journal now appears on the lifestyle section of the Saturday paper, in addition to the Friday edition.

The Journal didn't name an editor for the magazine, but Robert Frank, the paper's wealth reporter and author of the book "Richistan," about lifestyles of rich people, has been heavily involved in its conception and is expected to play a senior role in the magazine.

Murdoch's Dow Jones Deal Makes FT Owner a 'Loser'

Financial Times owner Pearson is being downgraded by Deutsche Bank, saying its business news unit is "the main loser" in recent deals like News Corp.'s planned buyout of Wall Street Journal publisher Dow Jones. If Pearson tries to sell the FT it will be in "a position of weakness."

MarketWatch reported yesterday.

Rupert Murdoch's Victory

NEW YORK (AdAge.com) -- Rupert Murdoch's victory in winning approval for New Corp.'s acquisition of Dow Jones and its flagship Wall Street Journal is a historic event with far-reaching implications for journalism, the media business, the competitive landscape and advertisers, says Ad Age media reporter Nat Ives in this video interview. The changes are likely to be most significant for the Journal because, he says, "Rupert Murdoch is going to come in as a purpose-driven, hands-on manager with an agenda. The Journal and Dow Jones for years have been almost drifting. ... The Bancroft family that controls the company has certainly been hands off and unsure about the quality of their own executives and now we have someone who really has a vision coming in to take control."

AdAge has published an online videoreport, which can be viewed here.

Bancrofts to Consider Murdoch Bid, 'Close Vote' Predicted

The Bancroft family will meet today to consider News Corp.'s $5 billion bid for Wall Street Journal parent company Dow Jones. "It is going to be a close vote," says Ken Doctor, an analyst with research firm Outsell. "This is the decision of a lifetime for the family."

The New York Sun has the full story.

WSJ Ad Sales Team Sold on Murdoch

Advertising sales execs at the Wall Street Journal are said to be more welcoming of Rupert Murdoch's advances than their colleagues in editorial. Sales staffers are hoping Murdoch will add some much-needed marketing dollars. "It's a good marriage," said one Journal sales exec.

Advertising Age has more.