Legacy news media facing extinction

[pmbug]

I thought this was a pretty fair assessment of the business dynamics even if it didn't touch on the issue of a centralized narrative control vs. decentralized marketplace of ideas:

Journalism has been in palliative care for quite some time now, but an already dire situation has taken a turn for the worse over the last six months. Hundreds of journalists, including those at major regional papers like the Los Angeles Times and Washington Post, have been laid off. Billionaire owners who snapped up struggling periodicals are rethinking their investments. It’s been enough for Clare Malone, writing in the New Yorker, to ask, “Is the media prepared for an extinction‐level event?”

It is by no means a great time to be an employee of a legacy news outlet, but it’s vitally important that we understand precisely *why* the traditional news industry is collapsing before we pursue any policy solutions half‐cocked.
...

More:

https://www.cato.org/blog/news-media-faces-extinction-level-event

 

[pmbug]

... In a memo to Vice employees Thursday, CEO Bruce Dixon said the company will be cutting "several hundred" jobs in the next week.

As part of its major restructuring, Vice will discontinue publishing content to its own website, Vice.com, and will instead put "more emphasis on our social channels as we accelerate our discussions with partners to take our content to where it will be viewed most broadly," Dixon wrote in the memo.
...

Vice Will Cease Publishing on Vice.com and Lay Off ‘Several Hundred’ Staffers, CEO Says

Vice Media Group CEO Bruce Dixon said the company will stop publishing on Vice.com and lay off "several hundred" staffers in the next week.

variety.com

 

[chieftain]

Again, the writer misses the elephant in the room.

The "legacy" media are facing ruin not because of competition, but because they were either subverted or actively complicit in pushing woke garbage and other leftist rubbish, in addition to it deciding to be the arbiter of what was fit to publish/broadcast.