Original: The approach worked, and as the Journal's circulation jumped to 150,000, Pulitzer cut his price to a penny, hoping to drive his young competitor (who was subsidized by his family's fortune) into bankruptcy.
Simplified: This worked, and as the Journal's had 150,000 people subscribe to it, Pulitzer cut his price to a penny, hoping to make Hearst (who was subsidized by his family's fortune) run out of money.