ignalling advertisers� heightened sensitivity to editorial coverage, financial giant Morgan Stanley informed key publications in the US of new guidelines that require its ads to be pulled out in the event negative stories about it are published. "In the event that objectionable editorial coverage is planned, the agency must be notified, as a last-minute change may be necessary. If an issue arises after-hours or a call cannot be made, immediately cancel all Morgan Stanley ads for a minimum of 48 hours," reads a key section of its planned addition to ad contracts.

But that doesn�t mean you won�t be reading about the company in the business press. Thanks to its underperforming stock and some former executives� attempts to unseat CEO Philip Purcell, Morgan Stanley has proved to be a well of news. With most publications endorsing the editorial-advertising wall, the guidelines could prove nearly impossible to accommodate. "It would not be a practical condition at The Wall Street Journal," said Karen Elliott House, senior vice-president of Dow Jones & Company, and publisher of all print editions of The Wall Street Journal. "The ad department has no knowledge of what stories are running in the next morning�s newspaper," he added.... more