Bankrolled by Wall Street, read by the seriously rich

IN 1983 the Wall Street Journal took its product directly to Europe. A decade later the Brussels-based Wall Street Journal Europe, circulation 57,000, believes it has taken root on this side of the Atlantic.

Philip Revzin, the editor, says: 'Our approach for about the last year and a half has been to increasingly Europeanise the content.' On a typical day, at least two of the three main front-page stories will be European. The third might be an American story given a stronger European angle. There will inevitably be a strong American element to the European paper, Mr Revzin says, but on any given day 'probably more than 50 per cent of the content is European'.

He has 10 reporters and a dozen editors, plus another dozen or so stringers. Technological advances have enabled the paper to share a collective pool of news articles and a combined 'copy desk' of sub-editors in New York with the US paper and the Asian Wall Street Journal.

The European staff are a mixture of Journal veterans, particularly in the editing jobs, and local recruits. Mr Revzin says: 'The new hires I have been making recently tend to be either Americans or Europeans who have lived here a long time. It's rare that we will take somebody from Chicago and say, 'OK, come to Europe. You don't speak any languages, but we'll teach you.' '

The paper has adopted and adapted regular features of the US Journal, including columns on advertising, technology, law and small business. It has originated a column on privatisation in Russia and Eastern Europe that is available to the US Journal. When the paper began in 1983, daily circulation was around 20,000. Now it is growing by 6 per cent a year, Mr Revzin says. The largest sales are in Germany and the UK, with more than 10,000 each. Advertising revenue went up by 7 per cent last year.

Mr Revzin is unable to provide profit figures, explaining that the parent, Dow Jones & Company, does not break them down. On the accounting standard used by the company, he says, the European Journal loses money, but he argues that this does not give a true picture. An advertisement in the US Journal that originates in Europe is counted towards the profit of the US Journal, even if it was sold by the European staff. If money spent in Europe is set against revenue earned there, Mr Revzin says, 'we're vastly profitable'.

The European paper has benefited from the kudos of its American parent, and its restrained appearance seems to suit its readers in the European business community. In early years the buoyancy of the economy helped advertising, although the last three or four years have been tough.

Alastair Smellie, a media analyst for Lehman Brothers International in London, says that with an even greater European content and look, pushed by aggressive marketing, the Journal could reach a circulation of 50,000 in Britain. Non-readers perceive the European Journal's American content to be higher than it actually is, he says.

Mr Smellie believes that the complicated look of the Journal can discourage readers, and he is personally irritated at its practice of continuing stories from the front page to the depths of the newspaper. 'I don't think it's the easiest paper in the world to read,' he says.

The paper has formed a partnership with Handelsblatt, the German financial daily, that allows shared advertisements and gives the Journal a valuable route into the large German-speaking market.

The readership is three-quarters European, with a heavy proportion of senior executives, bankers and traders. The demographics, says Mr Revzin, 'are better than the American Wall Street Journal because we have a smaller circulation. The average income is well over dollars 150,000 a year.'

(Photograph omitted)

Start your day with The Independent, sign up for daily news emails
Arts and Entertainment
Joe Cocker performing on the Stravinski hall stage during the Montreux Jazz Festival, in Montreux, Switzerland in 2002
musicHe 'turned my song into an anthem', says former Beatle
News
Clarke Carlisle
sport
Sport
footballStoke City vs Chelsea match report
Arts and Entertainment
theatreThe US stars who've taken to UK panto, from Hasselhoff to Hall
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Life and Style
Approaching sale shopping in a smart way means that you’ll get the most out of your money
life + styleSales shopping tips and tricks from the experts
News
newsIt was due to be auctioned off for charity
News
Coca-Cola has become one of the largest companies in the world to push staff towards switching off their voicemails, in a move intended to streamline operations and boost productivity
peopleCoca-Cola staff urged to switch it off to boost productivity
Environment
Sir David Attenborough
environment... as well as a plant and a spider
Voices
'That's the legal bit done. Now on to the ceremony!'
voicesThe fight for marriage equality isn't over yet, says Siobhan Fenton
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Media

Ashdown Group: IT Support Analyst - Chessington

£25000 per annum: Ashdown Group: IT Service Desk Analyst - Chessington, Surrey...

Ashdown Group: (PHP / Python) - Global Media firm

£50000 per annum + 26 days holiday,pension: Ashdown Group: A highly successful...

Ashdown Group: Analyst Programmer (Filemaker Pro/ SQL) - Global Media firm

£50000 per annum + 26 days, pension, private medical : Ashdown Group: A highly...

Ashdown Group: IT Support Analyst - Chessington

£25000 per annum: Ashdown Group: IT Service Desk Analyst - Chessington, Surrey...

Day In a Page

Isis in Iraq: Yazidi girls killing themselves to escape rape and imprisonment by militants

'Jilan killed herself in the bathroom. She cut her wrists and hanged herself'

Yazidi girls killing themselves to escape rape and imprisonment
Ed Balls interview: 'If I think about the deficit when I'm playing the piano, it all goes wrong'

Ed Balls interview

'If I think about the deficit when I'm playing the piano, it all goes wrong'
He's behind you, dude!

US stars in UK panto

From David Hasselhoff to Jerry Hall
Grace Dent's Christmas Quiz: What are you – a festive curmudgeon or top of the tree?

Grace Dent's Christmas Quiz

What are you – a festive curmudgeon or top of the tree?
Nasa planning to build cloud cities in airships above Venus

Nasa planning to build cloud cities in airships above Venus

Planet’s surface is inhospitable to humans but 30 miles above it is almost perfect
Surrounded by high-rise flats is a little house filled with Lebanon’s history - clocks, rifles, frogmen’s uniforms and colonial helmets

Clocks, rifles, swords, frogmen’s uniforms

Surrounded by high-rise flats is a little house filled with Lebanon’s history
Return to Gaza: Four months on, the wounds left by Israel's bombardment have not yet healed

Four months after the bombardment, Gaza’s wounds are yet to heal

Kim Sengupta is reunited with a man whose plight mirrors the suffering of the Palestinian people
Gastric surgery: Is it really the answer to the UK's obesity epidemic?

Is gastric surgery really the answer to the UK's obesity epidemic?

Critics argue that it’s crazy to operate on healthy people just to stop them eating
Homeless Veterans appeal: Christmas charity auction Part 2 - now LIVE

Homeless Veterans appeal: Christmas charity auction

Bid on original art, or trips of a lifetime to Africa or the 'Corrie' set, and help Homeless Veterans
Pantomime rings the changes to welcome autistic theatre-goers

Autism-friendly theatre

Pantomime leads the pack in quest to welcome all
The week Hollywood got scared and had to grow up a bit

The week Hollywood got scared and had to grow up a bit

Sony suffered a chorus of disapproval after it withdrew 'The Interview', but it's not too late for it to take a stand, says Joan Smith
From Widow Twankey to Mother Goose, how do the men who play panto dames get themselves ready for the performance of a lifetime?

Panto dames: before and after

From Widow Twankey to Mother Goose, how do the men who play panto dames get themselves ready for the performance of a lifetime?
Thirties murder mystery novel is surprise runaway Christmas hit

Thirties murder mystery novel is surprise runaway Christmas hit

Booksellers say readers are turning away from dark modern thrillers and back to the golden age of crime writing
Anne-Marie Huby: 'Charities deserve the best,' says founder of JustGiving

Anne-Marie Huby: 'Charities deserve the best'

Ten million of us have used the JustGiving website to donate to good causes. Its co-founder says that being dynamic is as important as being kind
The botanist who hunts for giant trees at Kew Gardens

The man who hunts giants

A Kew Gardens botanist has found 25 new large tree species - and he's sure there are more out there