More bad news for newspapers this week: The New York Times Co. reported disappointing second-quarter earnings on Wednesday, with profits down 82% and the stock at roughly half its price from a year ago. That's just the start:
* Overall newspaper circulation is down.
* Thousands of journalists have lost their jobs.
* Newspaper control of local online ads is down nearly 9% from 2006.
Is there a way for the industry to save itself? Only "by beginning an aggresive transition to the Web," says Dan Colarusso, managing editor of Portfolio.com and former city editor for The New York Post.
Sure, now that we bloggers proved online news can work, and corporate media decides they'll just leap right in and take over!
Except that it isn't the method that is drawing readers here, it's the content.
Who told you Saddam had 'nookuluar' bombs? ABCNNBBCBS
Who told you it was all a war-starting hoax? The blogs!
The corporate media will fare no better here in the online world unless and until they start giving the American people the FACTS about what is going on in their government.