Media companies on the move

By Amanda Baltazar | April 19, 2008 02:24AM

From April issue: New York’s publications are on the move, and dislocations will be part of the landscape for the foreseeable future. Newspapers and magazines are struggling to adapt to the migration of their readers to the Internet, and as they adjust, storied titles are making some changes in scenery as well. After the 2007 acquisition of Dow Jones, News Corporation founder Rupert Murdoch is reportedly planning to move parts of the Wall Street Journal away from its Financial District environs to Midtown. At the same time, beleaguered magazine Newsweek is said to be relocating its offices to the Financial District. High rents in Midtown are spurring some of the departures south. Average rents in Midtown are reaching $83.92 per square foot but are less in Midtown South, at $50.55, while they are averaging even lower, at $47.26, Downtown. 


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