The US media are undergoing a massive transformation, approaching a crisis in journalism, which may portend similar issues in Europe and the rest of the world. Historically, most professional journalism has been done by the print media, especially newspapers. Today, American newspapers are in a state of collapse with circulation dropping at a rapid rate and profitability going to nil or negative. This business is leading to an information crisis that is already having effects on the society and will likely become even more profound, polarizing and perhaps misinforming an entire nation. Print journalists have been the primary suppliers to the electronic media, including television and the internet. This article supplements a speech given at the American Academy in Berlin in May, 2008. It summarizes US media metrics and raises issues of concern about the sustainability of serious journalism in America. While the internet has been the cause of this dilemma, the author sees no economic model that will allow the web in the short term to support major, serious reporting at a large scale. Is the rest of the world about to experience a similar crisis or are media models different enough to avoid such a dramatic fall? This article reflects Baker’s view as a longtime media executive and an academic.