of online news, and as voices of authority in the online me
´
lange of blogs, news aggre-
gators and social media.
At the same time, the simple fact is that online advertising revenues are only a fraction
of what the print equivalent used to be. Even the surviving news outlets operate with
ever-shrinking budgets and staffs, and occasionally have to sacrifice news bureaus in
major cities, or the luxury of investigative journalism. Therefore, as we have mentioned
earlier, it remains to be seen whether online newspapers can continue to command the
same respect and reputation for providing balanced, reasoned, and well-researched
reporting that their print counterparts once did.
ACKNOWLEDGMENTS
We thank Simon Anderson, Matthew Shi, and Joel Waldfogel for very helpful comments, Teemu
Henriksson and David Flath for generously sharing data, and Christian Peukert for a thorough reading of
the draft and for additional suggestions.
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