This is the fourth annual "State of the American News Media" report and the authors say some definite trends are emerging.

"Trends that we have been tracking now for four years are reaching a pivot point," says Tom Rosenstiel, director of the Project for Excellence in Journalism. "Only one media sector, the ethnic press, is still growing, and every measurement for audience -- even page views and visitors -- is now being questioned. Things are now moving faster than companies can even recognize. Mainstream news media are adapting, in part, by focusing on specialties. In a sense, every outlet is becoming more a niche player with reduced ambitions."

The report says there are growing questions about whether the dominant ownership model of the last generation, the public corporation, is suited to the transitions newsroom are now making. Private markets now appear to value media properties more highly that Wall Street does.

"What is unknown is whether these potential new private owners are motivated by public interest, a vision of growth online, having a high profile hobby (like a sports team), or as an investment to be flipped for profit after aggressive cost-cutting. Public ownership tends to make companies play by the same rules. Private ownership has few leveling influences."

Call us cynical, but we are pretty darn sure these potential new private owners are getting into it strictly for the money. And while we have nothing against making a buck, we suspect we are not heading into a new golden age for journalism.