I've become increasingly concerned about the risk to journalism posed by the slow death of the dead-trees-and-adverts model.
The New York Times has a fascinating graphic on the problem here, part of that paper's web efforts, which are extraordinary but don't currently seem to be halting their own decline, as that shows.
There's more in the magnificent Nation, including some controversial ideas on government support. I'm not convinced but it's certainly worth a read.
This isn't some academic concern, nor is it just because I have a lot of friends who work in the media. Increasing evidence is coming out about the substantial real-world costs of these failures. Stumbling and Mumbling quotes a research exercise done into the demise of the Cincinatti Post (via Slugger):
".. fewer candidates ran for municipal office in the suburbs most reliant on the Post, incumbents became more likely to win re-election, and voter turnout fell."
There's your democratic deficit right there. Worried now?