Business Journalism 101: Dealing for a Scoop

Business journalism's penalty box is filling up. There was the media's lemminglike reaction to the bogus "news" on Emulex (EMLX Quote) a couple of weeks ago. Now the upcoming edition of Brill's Content delineates how The Wall Street Journal cuts deals that leave readers lacking all the available information.

Following up on the stir after the Journal, the Washington Post and New York Times got information on a proposed merger between United Airlines parent UAL (UAL Quote) and US Airways (U Quote), the magazine alleges in its October issues that the Journal routinely promises companies involved in a merger that, in exchange for the "scoop," it will refrain from seeking "comments from outside sources."

The magazine quotes a spokesman from IMS Health (RX Quote) who says he struck such a deal with a Journal reporter when the company was about to make a deal to be acquired by TriZetto Group (TZIX Quote) in late March. (The deal ultimately fell apart). The spokesman said that in exchange for news of the deal, the Journal agreed to contact only people on a preapproved list, "helpfully provided by the company," according to Brill's. ...