The American newspaper business is fading and the civic discourse it has led is being reshaped. Newsrooms are shrinking and most papers are printing less news. The industry’s revenue has fallen by more than a third since 2005, its best year, when sales reached $60.2 billion. Newspapers employed roughly a third fewer professionals in 2013 than they did at their peak in 1989. In other ways, journalism is booming. There’s been a proliferation of online news sites, which employed 5,000 people in 2014. And the explosion in social media means news circulates ever more widely. Even so, online readers are less valuable to advertisers than print readers. The industry’s business model is in flux. So are its principles and practices.