New York (CNN Business) There is a "market failure" in the local news business, a new report suggests, because "even though Americans tend to view local news as a community asset, most are not personally helping to keep it viable." The report by the Knight Foundation and Gallup comes with both encouraging and discouraging signs about the state of local news. "Americans take pride in their local newspapers," the researchers said after surveying thousands of people on the web. A whopping 86 percent of respondents said that everyone should have access to local news, regardless of whether they pay for it. But producing the news i s expensive -- and "just one in five Americans have supported local news in the past year by subscribing to, donating to or purchasing a membership to a local news organization," the researchers found.

Source: CNN November 17, 2019 17:03 UTC