It’s common knowledge (unless you’ve been hiding under a rock) that big city newspapers are in financial trouble.
Word of the New York Times financial troubles appear in the news so often I’m beginning to wonder how long before the Gray Lady publishes her own obituary.
By the way, do you know how the New York Times received the Gray Lady nickname? It’s because of the Times staid appearance and style with mostly words and few pictures.
Now we are reading about another big city newspaper on the financial skids.
This time it’s the San Francisco Chronicle in financial decline.
The Chronicle, a Hearst publication, is reportedly losing a million dollars a week and forced to lay off 100 newsroom jobs in the coming weeks.
In the age of "new" media, this rollback in "old" media may be among the most drastic in recent memory, but it is nothing new to the public.
Indeed, across the country newspapers have suffered enormous financial losses over the past decade, with far fewer professionals today covering the news locally, nationally and internationally as a result of the industry's contraction.
The rise of the Internet has produced sharp declines in traditional advertising revenues in the printed press.
Free online advertising competitors such as Craigslist.com have sharply undermined classified advertising as a traditional source of revenue.
If big city newspapers continually lose the ability to do investigative reporting, we lose more than just a fish wrap or bird cage liner. The biggest thing we lose is the watchdog reporting of scandals that will go undetected.
The fewer qualified reporters and editors, the more a newspaper may be inclined to rely on “news” fed by partisan groups knowing the material has a chance to get past a decimated editorial staff.
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