Websites to compete with

Two online financial news services are set to compete for ad revenue with when they launch within weeks of each other.

Two online financial news services are set to compete for ad

revenue with when they launch within weeks of each other.

First off the blocks is a web version of weekly paper Financial News,, which goes live next month.

Also launching is, founded by Hugo Dixon, former head

of the Financial Times’ Lex column. Its writers will include Jonathan

Ford, another member of the Lex team.

Financial News was launched in 1996 by a group of former City editors,

with backing from investors including Future Network’s founder and

chairman Chris Anderson. However, it struggled until it was re-financed

by current chairman Angus MacDonald, who also sold subscriptions and ad

space on the title for a year and a half.

The paper now has 7,000 subscribers and ’a high readership per copy,’

according to MacDonald. Now he wants to get on the net.

By launching a website aimed initially at the fund management sector,

but later branching out into investment banking and securities,

MacDonald intends to attract 65,000 subscribers - each one paying pounds

57 a year. The site will also generate revenue from advertising,

including recruitment.

The print product’s ad sales team of seven, headed by former Asiamoney

publisher George Ball, will also sell space on the online product.

MacDonald denied that the site was competing with and other

financial services like ’The Financial Times is a

global newspaper, while we are a trade title,’ he pointed out.

’TheStreet is a retail product for people choosing stocks.’ There is

even talk of a potential tie-up between eFinancialNews and

TheStreet. ambitiously intends to establish itself as Europe’s

’leading online financial information brand’. Aimed at investors,

financial professionals and corporate executives, it will provide

commentary on the day’s big financial stories.

It is currently recruiting managers and journalists. Dixon said it would

look for corporate sales executives in the ’second wave’ of its


’We won’t be looking for straightforward ad sales people - we need

people who can operate across several different dimensions,’ he said.

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