Crain's Chicago Business facts for kids
Cover from December 19, 2013
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| Editor | Ann Dwyer |
|---|---|
| Categories | Business |
| Frequency | Weekly |
| Publisher | Jim Kirk |
| Total circulation (2013) |
49,005 |
| First issue | 1978 |
| Company | Crain Communications Inc. |
| Country | United States of America |
| Language | English |
| ISSN | 0149-6956 (print) 1557-7902 (web) |
| OCLC | 42883889 |
Crain's Chicago Business is a weekly newspaper that focuses on business news in Chicago, IL. It helps people understand what's happening with companies, money, and jobs in the Chicago area. This newspaper is owned by Crain Communications, a company based in Detroit.
Contents
Discover the History of Crain's Chicago Business
The very first issue of Crain's Chicago Business came out on April 17, 1978. Rance Crain, the head of Crain Communications, got the idea after hearing about a successful business newspaper in Houston. He thought a similar paper would do even better in Chicago!
Rance Crain was the newspaper's first editor-in-chief. He asked Steve Yahn to help start the paper and hire the first team. They wanted to call it Chicago Business, but another paper had a similar name. So, Steve suggested adding "Crain's" to the title to make it unique.
How Crain's Became a Weekly Newspaper
Crain's was first planned to come out every other week. However, the Chicago Daily News newspaper stopped publishing that same year. This made the creators of Crain's decide to publish weekly instead. They even hired talented writers from the Daily News.
The first issue sold on newsstands came out on June 5, 1978. It was 46 pages long and had a big story about Marshall Field & Co., a department store, planning to expand.
To get the word out, Rance Crain gave away free copies to people at Union Station. A newsstand seller there was doubtful, saying it wouldn't work.
Early Challenges and Big Scoops
The business community in Chicago was also a bit unsure about the new paper. When reporters called sources, some people thought they were from a plumbing company called "Crane Co."! Reporters often had to spell out "C-R-A-I-N's" to explain who they were.
One of the best things about Crain's from the start was how it looked. It had a fresh, modern design. People said it looked like a book about the city, not just a financial paper. This was exactly what the creators wanted.
Crain's quickly became known for finding exclusive stories, also called "scoops." Rance Crain loved getting scoops, and this became a key part of the paper's culture.
The Famous Sears Story
One early scoop caused a big stir. In July 1978, Crain's heard that Sears, Roebuck & Co. planned to cut its advertising a lot. The paper published a story on August 7, saying the cuts could be huge. Sears angrily denied the report, which made people doubt Crain's credibility.
Then, something amazing happened. A young public relations man from Sears, Wiley Brooks, came to interview for a job at Crain's. He told Rance Crain that the Sears story was true and that he had proof! He had a secret five-year plan from Sears, known as the "Yellow Book."
Brooks leaked parts of this secret plan to Crain's. The paper published the full story of Sears's secret plan on December 4. It was a detailed 10-page report with charts and graphs. This story made Crain's famous! Copies sold out quickly, and other major news outlets covered it.
This big scoop helped Crain's build its reputation. The paper continued to chase exclusive stories, especially about middle-sized companies that other newspapers weren't covering.
Expanding to Other Cities
Because Crain's Chicago Business was so successful, its parent company started three more business newspapers. These included Crain's Cleveland Business, Crain's Detroit Business, and Crain's New York Business, all launched in the 1980s.
In recent years, Crain's has changed with the times. They now focus on both print and digital news. They've also expanded their coverage to include more political news, sports business, dining reviews, and fashion.
In 2012, Crain's moved to a new building called the Crain Communications Building. That same year, they started a "paywall" for their website, meaning you need a subscription to read most articles online.
Who Works at Crain's?
Many talented people have worked at Crain's over the years. Steve Yahn was the first editor. Later, Dan Miller became editor for ten years. Other editors included Mark Miller, David Snyder, Robert Reed, and Jeff Bailey.
Joseph B. Cahill was editor until 2011 and is now a columnist. Jim Kirk, a former business editor for the Chicago Tribune, joined Crain's in 2011. Michael Arndt became editor in 2012.
In 2019, Ann Dwyer became the editor of Crain's. She is the first woman to hold this important position.
Awards and Recognition
Crain's has won many awards for its excellent journalism.
In 2014, they received the Jesse Neal Award for an article called "Reckless Abandon," which looked closely at a real estate problem in Chicago. They also won four Society of American Business Editors and Writers (SABEW) awards.
In 2013, Crain's won an EPPY award for being the best business/finance website in the U.S. They also won another Jesse Neal Award for their use of video and two more SABEW awards.
In 2012, Crain's earned four Peter Lisagor awards, three SABEW awards, and a record 14 awards from the Alliance of Area Business Publications.
Crain's also launched an iPad app in 2012. It quickly became one of the top 10 most downloaded business apps on the Apple App Store.
Special Lists and Annual Features
Each year, Crain's publishes several popular lists. These include:
- "Chicago's Best Places to Work"
- "Who's Who" in Chicago business
- "Chicago's Fast Fifty" (about fast-growing businesses)
- "Tech 50"
- "Twenty in their 20s"
- "40 Under 40"
The Famous 40 Under 40 List
The "40 Under 40" list highlights 40 rising stars in Chicago who are under 40 years old. These are people making a big impact in different fields like technology, advertising, and politics.
Many famous people have been featured on this list before they became widely known. These include:
- President Barack Obama (in 1993)
- Oprah Winfrey (in 1989)
- Chicago Mayor Rahm Emanuel (in 1990)
- Chef Charlie Trotter (in 1992)
- Statistician Nate Silver (in 2008)
The 2013 list included rapper Lupe Fiasco, Divergent author Veronica Roth, and filmmaker Joe Swanberg.
All of these lists are put together each year in a special publication called the Book of Lists.
