Refocusing coverage in an age of new media

Wall Street Journal managing editor Gerard Baker discussed a need for editors and reporters at The Journal to refocus their coverage in an age of new media in a speech Tuesday at New York University.

Amy Zhang of the Washington Square News reports, “Baker, who also serves as the managing editor of the The Wall Street Journal, said the increased pressure from consumers for real-time news paired with rapidly diminishing revenues means news organizations are getting ‘squeezed,’ for quality business journalism is becoming harder to sustain, and therefore more craved. These trends, he said, actually represent an opportunity and not a hurdle.

“‘The need of businesses, of investors, of consumers, of journalists, of governments, of everybody for … high quality information they can trust is greater than ever,’ Baker said. ‘Good business journalism can thrive in that environment.’

“To create ‘good business journalism,’ Baker said journalists must internalize five basic principles — truth, speed, independence, pursuit of accountability and creativity. Objectivity and facts are always most important, but Baker said one measure of success for The Journal is the number of articles it published each week before its competitors.

“Baker noted that in the aftermath of the financial crisis, governments started playing a larger role in the business world. The automatic inclination of journalists to perceive businesses as offenders and governments as virtuous regulators must change, he said.”

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