Saturday, May 9, 2009

Church of Journalism

David Freddoso writes:

In Citizen Kane, the millionaire protagonist based on William Randolph Hearst shrugs off a warning that his newspaper is losing a million dollars a year. “At the rate of a million dollars a year, I’ll have to close this place in . . . 60 years,” he says.

Times have certainly changed. In late March, the Chicago Sun-Times faced annual operating losses greater than $300 million. Facing an additional half-billion dollars in tax debt, the paper’s owners filed for bankruptcy.

For newspapers, there is no good news.

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