Can you wield the threat of withdrawn advertising to manipulate press coverage? That’s pretty clearly the goal of Morgan Stanley’s jaw-droppingly ill-advised new policy:
In the latest sign of advertisers’ heightened sensitivity to editorial coverage, embattled financial giant Morgan Stanley informed key publications of new guidelines that require its ads to be pulled as negative stories about it are published.
“In the event that objectionable editorial coverage is planned, 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, according to executives who’ve seen it.
Now, it’s not as though advertisers large and small don’t do this from time to time when they’re irked about a story. But they nearly always at least cloak their displeasure in some concern over the unfairness of the offending article. (And on occasion, they’re actually right. It happens.) On the other hand, Morgan Stanley’s just up and saying, “Don’t expect a dime from us unless your every word about our company is glowing with praise.”
And that’s dangerous — for civic discourse, for the karma of the company’s principals, and Morgan Stanley’s ability to communicate with the public. I don’t expect the first two factors even occurred to the framers of that policy… but the third ought to at least bother them just a little.
