(Fortune)
On the national level the owners of the big legacy news businesses have fought fiercely against the disrupters, often with the effect of a frustrated ocean swimmer flailing against a fierce rip current. But with each digital click upward in Moore's law (processing power) and Metcalfe's law (network power) the tide of technological disruption has only risen, washing many of the legacy swimmers further out to sea, or at least diminishing their financial prowess. Perhaps it is another law, Amara's, that best describes the results. That law states, "We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run."
To document the transformation of the news business, we created an oral history project, from which this article is excerpted. We gathered the personal recollections of a broad but select group of principals who faced the choices, made the decisions, placed the bets, and now have the benefit of hindsight as to how it could, or couldn't, have played out differently. The full project, curated at Harvard by the Joan Shorenstein Center on the Press, Politics, and Public Policy in conjunction with Nieman Journalism Lab, will be published at the website digitalriptide.org on Sept. 9.
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