The Worst Thing That Could Happen to Local News—And the Best

From 20 feet away, one designer used to tell me, all newspapers look the same: vertical rectangles with black ink on them. But the announcement earlier this month that the country’s two largest newspaper companies have agreed to merge is a reminder that there are actually two very different ways to look at them. To some, local newspapers are simply cash machines, from which investors can make withdrawals until there’s nothing left. To others, they are community trusts, essential civic resources to be sustained.

The acquisition of Gannett, publisher of USA Today and other papers, by GateHouse Media represents the apotheosis of the newspaper as a financial instrument. GateHouse, the buyer, is the largest owner of U.S. newspapers by titles. Gannett is the largest owner of U.S. newspapers by circulation. The new company, to carry the Gannett name, would have a print circulation of more than 8.5 million.

Should the