Drop in Ad Revenue Raises Tough Question for Newspapers

"A time of wrenching change and chaos… The format, the business model, the organization of newspapers have outlived their usefulness." Revenues from advertising, compared with February a year ago, were in striking decline last month.

As information technology overturns dominant business models from airlines to photography, from telephony to retail, the inevitable vicissitudes have begun overturning journalism. Over the next few years, watch as projects such as Assignment Zero explore new ways to develop prizeworthy stories. The question is whether the venerated Pulitzer can embrace the ineluctable and survive as the eminent award or whether it will cede that glory to an innovator.