A host of American newspaper groups has gone broke. The New York Times has been forced to mortgage its own premises. And now Fairfax has posted a $365 million loss for the first half of this financial year. Why is all this happening? Apparently classifieds revenue has hit an all time low.
Imagine waking up one day without the Sydney Morning Herald, The Age and the Australian Financial Review.
If the Howard government's policies couldn't destroy media diversity, it seems the Global Financial Crisis could well kill off private media organisations one at a time.
Words © 2009 Irfan Yusuf
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