Return of the Press Barons
Journalism has changed in the last few decades because the ownership of most daily newspapers has moved from local, private hands to publicly traded corporations, which have demanded higher profit margins. The main result has been a reduction of reporting staff and a greater need to avoid offending advertisers and connected corporations. Consumers have been switching to the internet for their news, which has cut advertising revenues. Newspaper owners have further reduced spending at their papers in response.
Yesteray’s Boston Globe cites an interesting development: local investors are trying to purchase the daily papers in their cities from the corporations that now own them. This is something that’s been happening in a number of cities just in recent weeks.