Obama: Traditional journalism is dead

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“It used to be there were local newspapers everywhere,” Obama said. “If you wanted to be a journalist, you could really make a good living working for your hometown paper. Now, you have a few newspapers that make a profit because they are national brands, and journalists are having to scramble to piece together a living, in some cases as freelancers and without the same benefits that they had in a regular job for a paper.”

The president likened the new media terrain to that of other industries that have experienced disruptive changes in recent years.

“What’s true in journalism is true in manufacturing and is true in retail,” he said. “What we have to recognize is that those old times aren’t coming back.”