Who Pays for the News?

American journalism has entered a phase of what the economist Joseph Schumpeter called “creative destruction.” Gone are the fat profit margins that once underwrote investigative teams and deep, experienced teams of reporters to monitor and hold accountable both government and private power. New and exciting forms of journalism are sprouting, but new business models have yet to evolve to replace the old ones that are crumbling.

And while the demise of any one media outlet is a problem mainly for its owners and audience, the broad decline of independent, investigative journalism is a serious threat to U.S. politics and public interest. If the market won't underwrite good journalism, are there other models that will?

This Washington Monthly/New America event looked at the precarious state of serious journalism today, various not-for-profit ventures currently underway, and a wide array of possible remedies for newspapers and other media. Video of the opening keynote by Sen. Benjamin L. Cardin (D-MD) is viewable at right, while both audio and video of both panel discussions are available below.

Participants

• Sen. Benjamin L. Cardin (D-MD)
  Sponsor, S.673, "The Newspaper Revitalization Act"

• James Bennet
  Editor, The Atlantic Monthly
• Paul Glastris
  Editor in Chief, The Washington Monthly
  Senior Fellow, New America Foundation
• Alex Jones
  Director, Joan Shorenstein Center on the Press, Politics and Public Policy
• Maxine Teller
  Founder, MiXT Media Strategies
• Douglas McGray (moderator)
  Fellow, New America Foundation

• Jeffrey Leonard
  CEO, The Global Environment Fund
• Mark Paul
  Senior Scholar, New America Foundation
• John Thornton
  Chairman, Steady Strain Media
  General Partner, Austin Ventures
• Tracy Van Slyke
  Director, The Media Consortium
• Steve Coll (moderator)
  President and CEO, New America Foundation
  Staff Writer, The New Yorker
  Former Managing Editor, The Washington Post

Related Links

• Full Text and CRS Summary of S.673, "The Newspaper Revitalization Act"
• May 6 Testimony of Steve Coll on the crisis in journalism, given before the Senate Committee on Commerce, Science, and Transportation
• May 6 Senate Commerce Committee hearing on the future of journalism