The presses will stop rolling in Philadelphia, writes The Observer newspaper in the UK. Philadelphia looks set to become the first US city without a local newspaper as both The Daily News and The Inquirer file for bankruptcy. The average US newspaper share price collapsed by 83% in 2008. Local journalism professor Jack Lule concluded: "The old model is not coming back." At Digital we've been forecasting at least 10% of European newspapers will face bankruptcy or stop printing by the end of 2010, with more going online-only.
From The Observer: http://www.observer.guardian.co.uk, 24/05/2009
Digital Insight Report: Newspapers and navigating the perfect storm