By: E&P Staff
The competition between The New York Times and The Wall Street Journal has intensified on the advertising front, according to Bloomberg.
Sarah Rabil is reporting that the Journal is aggressively going after luxury advertising particularly those accounts that run in the Times. The Journal’s Chief Revenue Officer Michael Rooney says he goes through the Grey Lady every day to see who is placing ads, and then tells his sales force to hit the street accordingly.
“They certainly have become a significant part of the advertising mix for luxury brands where they were not before,” Milton Pedraza, CEO of the Luxury Institute, told Rabil. “They’re definitely stealing advertising dollars.”
Not that the Times is sitting back. The paper ramped up its business and financial coverage lately. Bill Keller cited several instances where the Times scooped the Journal in that area, he told Rabil.
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