Jon Lauck summarizes a number of recent posts on the implications of local media monopolies, particularily on our democracy.
Corporate earnings pressure is certainly one thing, but I believe there are other factors at play such as:

• Insulated environment: The Newspaper Preservation Act of 1970 sanctioned newspaper monopolies. Competition is a good thing, however in this case, the Act has simply created a general malaise.
• Lowered expectations: Rather than informing readers with depth, many newspaper’s have adopted the USA Today “McPaper” approach. This flies against internet users demands: lots of information quickly and deep information (google and others) when I want it.
• Hiring: The sports page often has more depth than others.
• Failure to take advantage of new tools & media.

Money is not the only issue, in fact, I don’t believe it’s the issue. Leadership is.