• Christian Science Monitor, Wednesday, November 15, 2006 11:45 AM

News consumers in Los Angeles, Baltimore and Boston--and other parts of the country--may have heard that local investors are interested in buying their main newspaper. And while they might think it is purely a business matter, it's more about them--and the future of journalism that informs their daily lives.

Corporations are pushing for big cuts, but does the squeeze have to be this severe? It doesn't seem to matter to Wall Street, so focused on short-term results, that the newspaper industry last year reported an average operating margin of 19.3%--twice the average for the Fortune 500 companies.

Potential buyers, some with deep pockets, are aiming to "rescue" these newspapers from the corporations. And some believe Wall Street's profit interest is trumping Main Street's public interest--cutting newsroom staffs to the point that journalism's watchdog role is in danger. There is, however, a fear that private investors will interfere more with the editorial voice.

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