Ouch. The downward spiral continues. What's going to happen short term is interesting; seems to me the print product will get smaller and more emphasis will be placed on the Web-based channel. Sadly, it's difficult to imagine the Web ever generating enough revenue to support a typical infrastructure-heavy print business. It's not a pretty picture.

Good news: all of those out of work journalists likely will create great blogs (not to mention Podcasts) and make more money than they ever did as newspaper employees.

Five newspapers owned by Tribune Co., including the company's two flagship papers in Chicago and Los Angeles, said Wednesday they will cut jobs amid declining circulation and revenue.

The for sale sign is headed for Knight Ridder's newspaper properties. Who is likely to buy the papers? Here's a wild guess...Yahoo! or Google. Both companies can use their powerful online business to fuel a newspaper company, but in a greatly reduced form. Leveraging the print channel for ads as an add-on to the Web (there's a novel concept) could work, but not with all the reporters, editors, presses, unuions, trucks, etc.. that would come with the deal.

It's a long shot, but don't rule it out.

It looks like Knight Ridder's largest shareholder wants the company on the auction block. Could be just a scare tactic, but if not, it will send ripples through publishers' executive suites worldwide.