Special Report: No. 1

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Authoritative. Informative. Intelligent. Engaging. These are just a few of the journalistic qualities The Wall Street Journal brings every business day to millions of readers. Little wonder that it attracts most of the top b-to-b advertisers, both the traditional and the high-tech, who regard it as a bible for business professionals.

Crack open the newspaper any weekday and you'll find full-page ads that run the gamut of blue chips from AT&T Business and Georgia-Pacific Corp. to IBM Corp. and Merrill Lynch & Co.

The Wall Street Journal &
Phone:(212) 416-2000
Circulation:1.8 million (print), 574,000 (online)
Ad revenues:N/A
Ad cost:$194,453 1-page 4/C
"The beauty of The Wall Street Journal is it reaches upscale business advertisers and the people who are making decisions," said Carolyn Riby, VP-media director of Saatchi & Saatchi Rowland, a Rochester, NY- based advertising agency.

The newspaper's circulation has grown steadily in the last few years to the current 1.8 million. However, along with most media outlets, The Journal has suffered recently from the softening ad market. Dow Jones & Co. Inc. reported that advertising lineage in its flagship newspaper was down 24% in the first quarter compared with the same period last year, when it recorded record ad sales.

Richard Tofel, assistant to the publisher at The Journal, said he expects the newspaper's ad levels to bounce back in the months ahead. "The [economic] downturn plays well to our news strengths," he said. "The coverage is more relevant and salient than it's ever been."

An increasingly important part of The Journal's power is its successful Web site, It is the largest paid-subscription site on the Web, and the subscriber list now has grown to 574,000.

Like its print counterpart, has seen a sharp decline in advertising revenue from last year's inflated dot-com levels. First-quarter operating income was $7.8 million, excluding restructuring charges, down 21% from a year earlier. In response to the ad slide, recently laid off a little more than 10% of its staff, which had been bulked up in 1999 and early 2000.

Despite the ad drops in print and online, The Journal remains the premier b-to-b media buy. "It's the first place to go when a company is looking to develop a new market or rebrand," Riby said. "It has that business mystique."

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