The Tribune company has filed for bankruptcy. The New York Times has announced that it plans to borrow as much as $225 million against its newly opened building. Advertising revenues are down 15% this year. Readers are flocking to the web, and the newspaper companies have not been able to adjust quickly enough. Bloggers and citizen journalists now deliver the news to people before the mainstream media can piece together a report.
All this seems to point to a decline and eventual death of the newspaper industry. Are newspapers a thing of the past?
