Newsweek: 'Serious journalism not about pursuit of profit'

Jacob Weisberg writing in Newsweek argues "Unlike most businesses, serious journalism has seldom been about the straightforward pursuit of profit."
He says: "Nearly all of the most important journalistic institutions in the free world are hybrids of one form or another—for-profit, but underwritten by generous owners or other profitable businesses; not-for-profit, yet entrepreneurial; cooperative, or government-subsidized.
"While big-city newspapers were for many decades highly profitable, their news-gathering operations have usually required some form of external support. Even at their most successful, top-tier media institutions have never adhered to a simple, or single, business model. They are even less likely to follow one in the future."
He notes:"The Guardian, which has emerged as one of the strongest global news organizations, is owned by the Scott Trust, which is tasked with using its endowment and profits from other media properties to keep the paper healthy and independent. The freedom to lose money has not kept the Guardian from being innovative and entrepreneurial on the Web."
Story via Adrian Monck