WSJ, Barron’s to remain in midtown Manhattan

wall-street-journal News Corp., the parent of The Wall Street Journal and Barron’s, has decided to remain at its building in midtown Manhattan instead of moving to a new one at the World Trade Center, reports Steve Cuozzo of the New York Post.

Fox Business Network will also remain in midtown Manhattan.

Cuozzo writes, “It was understood that 21st Century Fox CEO James Murdoch and Fox Executive Chairman Lachlan Murdoch decided against the relocation, and News Corp. CEO Robert Thomson separately agreed.

“They decided a move would be a huge distraction for the companies’ global operations, and would require a scale of investment which would be better directed elsewhere,’ a source said.

“Real estate brokers have previously told The Post that 1211 Sixth Ave. landlord Callahan Capital Properties had made a ‘compelling’ offer to Fox and News to remain, including building modernization and public space improvements.

“However, the offer did not mean the companies are negotiating a lease with Callahan beyond the five-year extension option. The remaining time on the current lease plus the extension gives 21st Century Fox and News Corp. 10 years in which to weigh their next move.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.