It looks like newspapers are following suit:

"In the space of two months, [the LA Times'] publisher and beloved editor were fired because they refused to submit to further budget cuts demanded by the corporate parent, Chicago-based Tribune Co."

The LA Times apparently had famous industry-leader editors who helped carve out a space for Los Angeles at the turn of the 20th century. The paper was once hugely respected and popular, but between 1990 and today, the LA Times' circulation fell from 1.2 million to 800,000, largely because of online news websites. LA is also such a broad and diverse region that one newspaper for the entire population is a difficult feat. (My Creative Journalism professor this semester emphasized the growth of niche markets in journalism over the past three or four decades.) The LA Times also has the pressure of covering Hollywood/entertainment stories, which aren't seen as serious work (by critics or reporters) while newspapers like the Washington Post get to focus on the government. (I read this in the Wash. Post so it might be a little biased:)