According to Financial Times editor Lionel Barber:

 

The imperial status of the mainstream media – the television networks, big metropolitan dailies and lofty commentators – has been shaken. The lay-offs of hundreds of US newspaper journalists this summer are a symptom of a wider malaise.

 

We are witnessing a shift in the balance of power towards new media, with wholesale repercussions for the practice of journalism.

 

Apparently the International Herald Tribune, for decades a source of news for Americans venturing abroad, is folding its web operation into the New York Times site as online news has made its business model redundant.

 

How long before the print version follows suit?

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