Spring Break
Not even newspapers are safe from economic hardship
Editorial Board
Issue date: 2/27/09 Section: Ed-Op
Philadelphia Newspapers, LLC, owner of The Philadelphia Inquirer and Daily News, filed for Chapter 11 bankruptcy Feb. 22 in hopes of dealing with $390 million in debt. As members of the City's media, this came as a rather unsettling wake-up call to us. Businesses across the board are facing challenges due to the current economic crisis, but sometimes it is easy to forget that news media is an industry like any other, and not impervious to hardship. Print media has been threatened by the shift online for some time, and now papers are at further risk as advertisers cut back to save money in these tough times.
Freedom of the press is a staple of American society, so there is no question that newspaper ownership should remain in the private sector, unbeholden to government. That being said, it is on the investors, the advertisers and the readers to support them.
Newspapers provide a vital service. They keep the public informed, and sometimes investigative reporting can bring out truth and justice that would not otherwise be found. Local papers are far more vulnerable than national media conglomerates and are in no way less valuable. We can only hope they are not lost in the fray.
Freedom of the press is a staple of American society, so there is no question that newspaper ownership should remain in the private sector, unbeholden to government. That being said, it is on the investors, the advertisers and the readers to support them.
Newspapers provide a vital service. They keep the public informed, and sometimes investigative reporting can bring out truth and justice that would not otherwise be found. Local papers are far more vulnerable than national media conglomerates and are in no way less valuable. We can only hope they are not lost in the fray.
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