Job losses, falling ratings, consolidation: What's behind the decline in local TV news (LA Times) [View all]

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https://archive.ph/9d3d2#selection-3171.0-3201.289

Once the primary source of community news and information, local TV news stations are struggling with their own tough story, one marked by declining ratings, stagnant revenue growth and rapid shifts in how media is consumed in the internet era.
Broadcast TV stations have long had the highest profit margins in the media business. But the financial model that sustained that growth has steadily eroded in recent years. Streaming — which now accounts for more than 40% of all viewing — has pulled consumers away from traditional TV, putting pressure on outlets to control costs so they can remain financially viable.
More than 2,000 TV stations nationwide still provide a vital role in communities, delivering as much as 12 hours a day in programming, live sports and local news to every household in the U.S. But they are now faced with an aging audience that isn’t being replaced by younger viewers who prefer streaming platforms and social media.
“It used to be that people would grow into the news habits of their parents, and now they’re not,” said Andrew Heyward, a former president of CBS News who now advises local TV stations. “The next generation of consumers are never going to run home to watch the newscast at 5, 6, 10 or 11.”