by Michael Snyder, The Economic Collapse Blog:

Should any of us be surprised that the news industry is being hit by a massive wave of layoffs?  Survey after survey has shown that the American people have lost faith in the mainstream media, and millions of us have decided to turn to other sources for news and information.  Mainstream news outlets have been bleeding viewers and readers for years, and now many of the biggest names in the news industry are losing staggering amounts of money.  It was only a matter of time before we witnessed large scale layoffs, and now they are here.