When Rupert Murdoch added the Wall Street Journal to his News Corporation media empire, one of the first things he did was to sign off on the creation of Pursuits magazine, a spin-off of the lifestyles section of the Journal’s Saturday edition. Starting in September 2008, Pursuits will be a monthly magazine that focuses on the lifestyles of the rich and famous, offering “compelling journalism, vivid imagery and an unmatched guide to wealth, fashion, collecting and travel,” according to WSJ managing editor Marcus W. Brauchli (WJS.com). There is still no word as to who will be the magazine’s editor. The leading candidate is Journal columnist and author Robert Frank. Frank most recently wrote the book “Richistan” about America’s wealthy. He has been heavily active in Pursuit’s conception.
The Wall Street Journal announced the decision to launch Pursuits on September 17. The Journal’s parent company, Dow Jones & Company said that that they hoped this new glossy magazine would draw more ads for expensive consumer goods and travel agencies. The Journal will launch the first issue as an insert in the September 2008 Saturday edition of the Wall Street Journal. Pursuits initial circulation will be about 800,000. The magazine will be delivered to WSJ subscribers in the 18 metropolitan areas where the Journal sells its most copies. The magazine’s content will also be available for free on the Wall Street Journal’s Web site.
Murdoch bought the Wall Street Journal earlier this year, purchasing it from the Bancroft family, the majority shareholders of Dow Jones & Company who initially opposed the sale, for $5 billion dollars. Since taking over, he had contemplated spinning off the Pursuits section of the Saturday edition of the Journal into a monthly glossy magazine. He has also considered turning the whole Saturday edition into a magazine.
Resources
The New York Times http://www.nytimes.com/2007/09/17/business/media/17journal.html?ref=business
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