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Are there any working business models for journalism?
The financial crisis created an environment that made journalism financially unsustainable.
News outlets, to a certain degree, rely on philantrophs. In times of financial crisis these will be less likely to donate.
(source in German)
Like all industries, media companies suffer from cyclical economic problems.
Not all more recent problems in journalism are cyclical and were thus induced by the financial crisis. Some are structural, as further explained in the respective branch of this discussion.