"We want to be an international newspaper for the U.S. market," said Richard Willis, exec VP of Financial Times Publications in New York. "While we will compete with The Wall Street Journal for advertisers, we don't want to compete with the Journal editorially."
DOUBLING U.S. ADVERTISERS
The goal for the U.S. edition is to boost U.S. circulation of 37,000 to 100,000 within three years and "double the quite small" number of advertisers in the U.S. edition by yearend, Mr. Willis said.
Ad rates for the U.S. edition are $12,000 for a b&w page and $17,600 for a color page.
"I think we will get more European and Asian advertisers aiming at the U.S. as well as American companies wanting to reach Europe and Asia," he noted, adding that ad targets are European banks "that want to break into the U.S., information technology and, possibly, luxury goods."
To promote the U.S. edition, outdoor advertising is going up in New York, with copy such as "There are 234 countries on earth. All of them have money," on a pink Financial Times page. The tagline, "The global daily of business."
The Financial Times also is breaking this week a global print ad campaign by Bozell Worldwide, London, to run in business titles and newsweeklies.
"The theme revolves around the recognition of the existence of a global business community independent of national boundaries," said Stu Arnold, Financial Times' new managing director for the Americas.
BEEFING UP COVERAGE
Wall Street Journal General Manager Dan Austin said, "Our view here is that the FT is beefing up its coverage of the U.S. to attract more European ads and readers. It's hard to imagine [it] covering the U.S. in a way that the Journal already doesn't do."
Mr. Austin noted that the Journal has been increasing its space for international news. "We don't have an international ghetto here," he said.
The Journal has a circulation of 1.8 million in the U.S. while its European edition, launched in 1983, has grown to 65,000.
While The Financial Times has offered advertisers a U.S.-only buy in the past, the new edition will carry articles tailored to U.S. readers. Mr. Willis also said it will feature more news of emerging markets and Latin America.
The new U.S. edition was spearheaded by Pearson CEO Marjorie Scardino; Pearson owns 50% of The Financial Times and The Economist.
"Marjorie is looking to do with the FT what she did for The Economist," said Mr. Willis.
U.S. circulation of The Economist is 275,000, representing 45% of its worldwide