Ted Koppel has an interesting take on this whole issue:

http://www.washingtonpost.com/wp-dyn/content/article/2010/11/12/AR2010111202857.html?hpid=topnews

Ted Koppel: Olbermann, O'Reilly and the death of real news
By Ted Koppel
Sunday, November 14, 2010;

To witness Keith Olbermann - the most opinionated among MSNBC's
left-leaning, Fox-baiting, money-generating hosts - suspended even
briefly last week for making financial contributions to Democratic
political candidates seemed like a whimsical, arcane holdover from a
long-gone era of television journalism when the networks considered
the collection and dissemination of substantive and unbiased news to
be a public trust.

Back then, a policy against political contributions would have aimed
to avoid even the appearance of partisanship. But today, when
Olbermann draws more than 1 million like-minded viewers to his program
every night precisely because he is avowedly, unabashedly and
monotonously partisan, it is not clear what misdemeanor his donations
constituted. Consistency?

We live now in a cable news universe that celebrates the opinions of
Olbermann, Rachel Maddow, Chris Matthews, Glenn Beck, Sean Hannity and
Bill O'Reilly - individuals who hold up the twin pillars of political
partisanship and who are encouraged to do so by their parent
organizations because their brand of analysis and commentary is highly
profitable.

The commercial success of both MSNBC and Fox News is a source of
nonpartisan sadness for me. While I can appreciate the financial logic
of drowning television viewers in a flood of opinions designed to
confirm their own biases, the trend is not good for the republic. It
is, though, the natural outcome of a growing sense of national
entitlement. Daniel Patrick Moynihan's oft-quoted observation that
"everyone is entitled to his own opinion, but not his own facts,"
seems almost quaint in an environment that flaunts opinions as though
they were facts.

And so, among the many benefits we have come to believe the founding
fathers intended for us, the latest is news we can choose. Beginning,
perhaps, from the reasonable perspective that absolute objectivity is
unattainable, Fox News and MSNBC no longer even attempt it. They show
us the world not as it is, but as partisans (and loyal viewers) at
either end of the political spectrum would like it to be. This is to
journalism what Bernie Madoff was to investment: He told his customers
what they wanted to hear, and by the time they learned the truth,
their money was gone.

It is also part of a pervasive ethos that eschews facts in favor of an
idealized reality. The fashion industry has known this for years. A
recent investigative report by Esquire magazine found that men's jeans
from a variety of name-brand manufacturers are cut large but labeled
small. The actual waist sizes are tailored anywhere from three to six
inches roomier than their labels insist.

Perhaps it doesn't matter that we are being flattered into believing
what any full-length mirror can tell us is untrue. But when our
accountants, bankers and lawyers, our doctors and our politicians tell
us only what we want to hear, despite hard evidence to the contrary,
we are headed for disaster. We need only look at our housing industry,
our credit card debt, the cost of two wars subsidized by borrowed
money, and the rising deficit to understand the dangers of entitlement
run rampant. We celebrate truth as a virtue, but only in the abstract.
What we really need in our search for truth is a commodity that used
to be at the heart of good journalism: facts - along with a
willingness to present those facts without fear or favor.

To the degree that broadcast news was a more virtuous operation 40
years ago, it was a function of both fear and innocence. Network
executives were afraid that a failure to work in the "public interest,
convenience and necessity," as set forth in the Radio Act of 1927,
might cause the Federal Communications Commission to suspend or even
revoke their licenses. The three major broadcast networks pointed to
their news divisions (which operated at a loss or barely broke even)
as evidence that they were fulfilling the FCC's mandate. News was, in
a manner of speaking, the loss leader that permitted NBC, CBS and ABC
to justify the enormous profits made by their entertainment divisions.

On the innocence side of the ledger, meanwhile, it never occurred to
the network brass that news programming could be profitable.

Until, that is, CBS News unveiled its "60 Minutes" news magazine in
1968. When, after three years or so, "60 Minutes" turned a profit
(something no television news program had previously achieved), a
light went on, and the news divisions of all three networks came to be
seen as profit centers, with all the expectations that entailed.

I recall a Washington meeting many years later at which Michael
Eisner, then the chief executive of Disney, ABC's parent company, took
questions from a group of ABC News correspondents and compared our
status in the corporate structure to that of the Disney artists who
create the company's world-famous cartoons. (He clearly and sincerely
intended the analogy to flatter us.) Even they, Eisner pointed out,
were expected to make budget cuts; we would have to do the same.

I mentioned several names to Eisner and asked if he recognized any. He
did not. They were, I said, ABC correspondents and cameramen who had
been killed or wounded while on assignment. While appreciating the
enormous talent of the corporation's cartoonists, I pointed out that
working on a television crew, covering wars, revolutions and natural
disasters, was different. The suggestion was not well received.

The parent companies of all three networks would ultimately find a
common way of dealing with the risk and expense inherent in operating
news bureaus around the world: They would eliminate them. Peter
Jennings and I, who joined ABC News within a year of each other in the
early 1960s, were profoundly influenced by our years as foreign
correspondents. When we became the anchors and managing editors of our
respective programs, we tried to make sure foreign news remained a
major ingredient. It was a struggle.

Peter called me one afternoon in the mid-'90s to ask whether we at
"Nightline" had been receiving the same inquiries that he and his
producers were getting at "World News Tonight." We had, indeed, been
getting calls from company bean-counters wanting to know how many
times our program had used a given overseas bureau in the preceding
year. This data in hand, the accountants constructed the simplest of
equations: Divide the cost of running a bureau by the number of
television segments it produced. The cost, inevitably, was deemed too
high to justify leaving the bureau as it was. Trims led to cuts and,
in most cases, to elimination.

The networks say they still maintain bureaus around the world, but
whereas in the 1960s I was one of 20 to 30 correspondents working out
of fully staffed offices in more than a dozen major capitals, for the
most part, a "bureau" now is just a local fixer who speaks English and
can facilitate the work of a visiting producer or a correspondent in
from London.

Much of the American public used to gather before the electronic
hearth every evening, separate but together, while Walter Cronkite,
Chet Huntley, David Brinkley, Frank Reynolds and Howard K. Smith
offered relatively unbiased accounts of information that their
respective news organizations believed the public needed to know. The
ritual permitted, and perhaps encouraged, shared perceptions and even
the possibility of compromise among those who disagreed.

It was an imperfect, untidy little Eden of journalism where reporters
were motivated to gather facts about important issues. We didn't know
that we could become profit centers. No one had bitten into that apple
yet.

The transition of news from a public service to a profitable commodity
is irreversible. Legions of new media present a vista of unrelenting
competition. Advertisers crave young viewers, and these young viewers
are deemed to be uninterested in hard news, especially hard news from
abroad. This is felicitous, since covering overseas news is very
expensive. On the other hand, the appetite for strongly held, if
unsubstantiated, opinion is demonstrably high. And such talk, as they
say, is cheap.

Broadcast news has been outflanked and will soon be overtaken by
scores of other media options. The need for clear, objective reporting
in a world of rising religious fundamentalism, economic
interdependence and global ecological problems is probably greater
than it has ever been. But we are no longer a national audience
receiving news from a handful of trusted gatekeepers; we're now a
million or more clusters of consumers, harvesting information from
like-minded providers.

As you may know, Olbermann returned to his MSNBC program after just
two days of enforced absence. (Given cable television's short
attention span, two days may well have seemed like an "indefinite
suspension.") He was gracious about the whole thing, acknowledging at
least the historical merit of the rule he had broken: "It's not a
stupid rule," he said. "It needs to be adapted to the realities of
21st-century journalism."

There is, after all, not much of a chance that 21st-century journalism
will be adapted to conform with the old rules. Technology and the
market are offering a tantalizing array of channels, each designed to
fill a particular niche - sports, weather, cooking, religion - and an
infinite variety of news, prepared and seasoned to reflect our taste,
just the way we like it. As someone used to say in that bygone era,
"That's the way it is."

Ted Koppel, who was managing editor of ABC's "Nightline" from 1980 to
2005, is a contributing analyst for "BBC World News America."

For recent Outlook essays on the news media, see Howell Raines's "Why
don't honest journalists take on Roger Ailes and Fox News?" and Dana
Milbank's "Glenn Beck is obsessed with Hitler and Woodrow Wilson. (I'm
just saying.)"

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