Media: City News - Bringing the market to the masses/The AOL/Time Warner deal has been the icing on the cake for tabloids eager to capitalise on share fever, but what is really driving the vogue for City news?

These are strange days indeed for the tabloid press. This month’s mega-merger between AOL and Time Warner was given the whole of page six in the Sun and, while high-profile City news so soon after page three may sound like a bizarre one-off, this is just the start.

These are strange days indeed for the tabloid press. This month’s

mega-merger between AOL and Time Warner was given the whole of page six

in the Sun and, while high-profile City news so soon after page three

may sound like a bizarre one-off, this is just the start.



Next month the Mirror’s City Slickers page is being doubled; the Sun has

a new business editor, Ian King, with editor David Yelland pledging to

put more City news in his pages, and even the Daily Star is considering

doing the same.



What is happening? Have the publishers gone soft or are the great

unwashed developing a taste for a more challenging read?



It is perhaps telling that the current tabloid vogue for City news is

being pioneered by Mirror editor and former showbiz reporter Piers

Morgan. In his celebrity reporting he developed a ’friend of the stars’

matey persona, and he has encouraged the same formula in his successful

City Slickers business coverage.



The increasing commercial and economic literacy which consumers have

developed in the past ten years as they have begun to make more informed

purchasing decisions, has led to a greater appetite for business news

and details on ’star’ business leaders. The current vogue for City news

may be feeding off this just as much as the stock market boom which is

also undoubtedly a contributory factor.



According to Jed Glanvill, a director at BBJ Media Services where he

buys space in the tabloids for clients such as Bass Brewers, the reason

might just be tabloid editors’ desperation to find anything to stem the

tide of circulation decline.



But he also says: ’People are generally a lot more financially aware

these days. The economy is growing, and people have money in their

pockets, so there is more interest in the City and business

generally.’



The fact that more people are now trading shares as a result of the

popular share issues of the 1980s, coupled with the ease of trading on

the internet, is also probably contributing to the current vogue for

business news, he believes.



Another factor is that the financial services industry is booming at the

moment and the tabloid press is keen to do all it can to get its hands

on the increased advertising spend in this area, spending that

broadsheets and other media have already exploited.



Carrying more business and City news could simply be interpreted as a

cynical move in this direction.





THE MIRROR



Name: Anil Bhoyrul



Position: Assistant editor (business) Section: City Slickers



Circulation: 2,178,398



’Basically the reason the tabloids are so interested in the City is the

stock market boom. The broadsheets just report the news, but that leaves

us to do the gossipy fun and entertaining City coverage.



’Our focus has always been on share tips and making money for our

readers.



Nobody really noticed when we first started, but last year our share

tips showed 159 per cent growth over the year - the second best in Fleet

Street - so people have noticed us.



’We also have a unique style of doing it - the one pioneered by (editor)

Piers Morgan when he used to do the showbiz column. It is the matey,

style of reporting - ’our pals told us over a few beers about this’ type

thing.



’When we started he said to us: You have got to re-invent business

coverage. We didn’t think this approach would work in business when we

started two years ago but it has. When we started we were just being

read by the average Mirror reader, now we are read by a lot of the

people in the City - market makers and fund managers take note of what

we say because generally stocks we tip are going to go up. It is true

now that a lot of the top people also have to read it because their

employees are reading it.



’We are now expanding the coverage to two pages and growing in other

ways that I can’t talk about. I know the Sun is doing more, too, but it

is doing it in the standard news way without tips - this is just a

second-rate version of what the broadsheets do. They probably don’t want

to get the flak when they get it wrong - this certainly happens to us a

lot. Last Friday I had to take my home phone off the hook because I had

so many people wanting to ring up and abuse me.’





THE SUN



Name: Ian King



Position: Business editor



Section: Sun City Circulation: 3,395,273



’It is not new having a City page in the Sun - Kelvin MacKenzie actually

started it in 1987. We still just have one page, but the editor, David

Yelland, has said he wants to encourage more financial stories further

up the paper.



’For example we did a whole page six on the AOL/Time Warner merger -

that’s more than the Daily Mail did. David was working in the US of

course, where share prices are discussed all the time wherever you go,

so he knows how popular it can be. It is a cliche to say it, but what

has happened in the US will probably happen here. Look at the boom in

internet share dealing - it has already started.



’I think our readers are everyone - from City professionals to people

who have never bought shares in their lives. A lot of City people read

the Sun - I know because they get in touch - they buy the FT and then

get the Sun as a treat. There is also a massive amount of people who

bought the popular share issues and they are now readers.



’We do the same as the broadsheets, but use less technical jargon in our

pages, which was the same at the Mail on Sunday where I came from. You

have to spell it out sometimes. It is a folksy approach, but it is also

important not to talk down to people.



’We do try to do things on companies that are familiar to the main body

of our readers. For example we recentlyl ran a story about three big

retailers issuing profits warnings; that is news that strikes a chord

But I am also trying to do some of the companies that are not so well

known. People do pick up tips from the Sun - all financial journalists

are in the business of breaking stories with price-sensitive

information, that is why people read them.’



Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Would you like to post a comment?

Please Sign in or register.