03/18/2010 05:12 am ET Updated May 25, 2011

Variety Publisher: 'I'm Not Optimistic About This Habit Called Journalism'

The trade faces the same conundrum as other print publications moving to online, Stiles said. That is that the rising traffic online cannot be monetized sufficiently, since the relative price of advertising online -- cpms -- is going down.

And then he dropped this bombshell: "I'm not optimistic about supporting the habit we call journalism."

Wow. The Variety publisher does not believe that his business can support the journalistic "habit."

Read more on The Wrap