There's a special kind of irony that comes when a major newspaper reports on its own bankruptcy. It's not comedic irony - it's a quietly disturbing irony, foreshadowing drastic changes in the media world. The Tribune Co., which owns the LA Times, KTLA-TV Channel 5 and other newspapers and TV outlets, filed for chapter 11 bankruptcy protection yesterday. They're not alone in their financial trouble.
NBC recently cut 500 jobs in its plan to cut $500 million from their budget next year. Viacom announced that it was cutting 850 jobs in an effort to save between $200 and $250 million next year. Even the New York Times is over $1 billion in debt right now.
Andrew Sullivan makes a compelling case for the imminent death of print media. He says bloggers have filled the gap in reporting to some degree but can't support true journalism like a newspaper can. And he's right.
But it's not all doom and gloom - newspapers are still in a transitional phase between print news and online news. We're seeing the light at the end of the tunnel already, with many newspapers stepping up online content and exploring the possibilities of online advertising. The survivors of this tough time will come out with tight new online business models.
Some trends that have come with an economy in recession and the transition to online news include:
- smaller newspaper staffs,
- consolidation of independent newspapers or studios into media conglomerates,
- and increasing reliance of news outlets on press releases and news agencies.
Check out this New York Times article for some more insight into the economic side.
What does this mean for journalism? Well, I can't really say - but I do think the worsening economy can only hurt investigative journalism, a cornerstone of any free society.
But for every column that can't be filled by a reporter, someone in PR might be stepping up to the plate with a release or story pitch. Bittersweet for us PR people. But more bitter than sweet.
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