Read at The Atlantic
The news industry experienced a major shakeup last Tuesday, with layoffs and cuts happening at various publications. Time magazine and National Geographic announced layoffs, while Condé Nast magazine employees went on strike to protest cuts. The Los Angeles Times, a once prestigious newspaper, announced it was cutting more than 20% of its newsroom, signaling a significant decline in the organization's strength.
For a few hours last Tuesday, the entire news business seemed to be collapsing all at once.
The Los Angeles Times, which was once celebrated as a pillar of the American media, has now become a symbol of the shrinking news industry. The decline of the newspaper has been attributed to the gradual loss of news-gathering resources, or what journalist Margaret Sullivan refers to as the 'ghosting' of the news. While biotech billionaire Patrick Soon-Shiong initially invested heavily in the Times, he has faced limits in sustaining the organization amidst mounting losses and was unable to provide a clear business strategy.
The Times was once a pillar of the American media establishment, celebrated in David Halberstam's classic media study, The Powers That Be. Now it has become a national exemplar of what the journalist Margaret Sullivan calls the 'ghosting' of the news-the gradual withering of news-gathering muscle as once-proud publications become shadows of their old selves.