Tens of thousands of journalists from mainstream media outlets are facing layoffs in what some are calling an "extinction event" for corporate journalism. The layoffs are sweeping across notable names in the media landscape, with the LA Times cutting 20% of its staff, including a complete shutdown of its Washington, D.C. bureau. Notably, these layoffs coincide with an election year, traditionally a period of heightened demand for journalism.

The LA Times, a once venerated institution in American journalism, has seen a dramatic reduction that included 115 journalists and cuts across various departments, from sports to tech, business, and even the traditional stronghold of breaking news. This trend isn't isolated; BuzzFeed recently shuttered its news division, a unit that was once valued at $1.3 billion and has since plummeted by 98%. The iconic Sports Illustrated has ceased publication, and major layoffs have been announced at Time magazine, The Atlantic, The Washington Post, NPR, Bloomberg, and Condé Nast—publisher of The New Yorker and Vanity Fair.

The New York Times, often referred to as the "grey lady," is not immune to these changes, with a reduction of 240 jobs following a year of substantial financial losses. In a report by Axios, media job cuts last year totaled 20,000, a sixfold increase from the previous year, with indications that this trend is accelerating into 2024.

Behind the staggering job losses is a significant decline in public trust in media. Only about one in three Americans express any trust in media, with a record 40% reporting zero trust whatsoever. This skepticism spans the political spectrum, with just 29% of independent voters and a mere 11% of Republicans expressing trust. Even among Democrats, there has been an 18-point drop in trust since the COVID-19 pandemic, particularly among younger demographics.

The decline in trust correlates with a period starting around 2018, when media outlets increasingly abandoned their objective stance, beginning with their coverage of Donald Trump and extending to various cultural and political issues. This shift has led to a perception of the media as protectors of a particular ideological elite, decreasing their credibility on topics ranging from vaccinations and social unrest to economic policies.

As corporate media grapples with this trust deficit, there's a rise in grassroots news sources, which are often seen as more expert and honest by certain segments of the populace. These alternative media platforms are gaining traction, particularly with the aid of distribution channels like Elon Musk's reformed Twitter, which provides them with a more level playing field against established media giants.

In this evolving media landscape, the traditional players must contend with the reality that their previous strategies, which have contributed to their decline, are no longer be sustainable. As these outlets continue to face challenges, the question remains: can they adapt and regain the trust of the public, or will they be progressively sidelined by new voices in journalism?