Goodbye to the Age of Newspapers (Hello to a New Era of Corruption)

Even before the recession hit, the newspaper industry was facing a mortal threat from the rise of the Internet, falling circulation and advertising revenue, and a long-term decline in readership, as the habit of buying a daily paper dwindled from one generation to the next. The recession has intensified these difficulties, plunging newspapers into a tailspin from which some may not recover and others will emerge only as a shadow of their former selves. The devastation is already substantial. At the Los Angeles Times, the cumulative effect of cutbacks has been to reduce its newsroom by one-half--and that was before its parent company, Tribune, declared bankruptcy. Another company weighed down by debt, the McClatchy chain, which includes The Sacramento Bee, The Miami Herald, and twenty-eight other dailies, has laid off one-quarter of its workforce in the past year; according to one executive, the editorial downsizing is under 20 percent but is now cutting "close to the bone." And highly leveraged media companies are not the only ones that are retrenching. At the largest daily in New Jersey, The Star-Ledger, 45 percent of the editorial staff took buyouts in October when the owner, Advance Publications, threatened to sell the paper if its targets for cuts were not met.

Goodbye to the Age of Newspapers (Hello to a New Era of Corruption)