A crisis in journalism lasted from the 1890s until the 1920s. Party-driven journalism had disintegrated, the increasingly lucrative and powerful newspaper magnates ruled their independent empires and exercised considerable political power, and the pursuit of profit sometimes led to an incredible, even appalling, journalism. Mounting public anger and dissatisfaction with the journalism of this era produced what became the first great existential crisis for journalism.
The problem at its core was that a relatively small number of very powerful newspaper owners dominated their communities and states, and a handful of them had national empires. Market economics was pushing toward more concentration and ever less competition.
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